Associated Estates Acquires Two Virginia Properties
CLEVELAND, April 22 /PRNewswire-FirstCall/ — Associated Estates Realty Corporation announced today the purchase of The Belvedere and River Forest apartments, two Class A apartment communities located in the Richmond, Virginia metro area.
The properties are located in Chesterfield County, one of Virginia’s most prosperous and fastest growing regions. AEC has acquired three properties in Virginia over the last ten months with a total of 804 units. “These are terrific properties in high barrier to entry markets and fit in well with our other Mid Atlantic properties,” said John Shannon, Senior Vice President of Operations.
The Belvedere (296 units) and River Forest (240 units) were built in 2005 and 2006 respectively. Both properties are located in close proximity to major employment centers, shopping and recreational venues. The communities offer outdoor pools, 24-hour fitness centers, business centers and tennis and volleyball courts. The Belvedere is currently 97 percent leased and has average market rents of approximately $1,015 per month. River Forest is currently 95 percent leased and has average market rents of approximately $970 per month.
Associated Estates Realty Corporation (AEC) is a real estate investment trust (”REIT”) and is a member of the Russell 2000. The Company is headquartered in Richmond Heights, Ohio. AEC’s portfolio consists of 54 properties containing 13,396 units located in nine states. For more information about the Company, please visit its website at .
For more information, please contact:
Michael Lawson
Vice President of Investor Relations
216-797-8798
Associated Estates Realty Corporation