This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Associated Estates Acquires Historic Wilshire Boulevard Property

CLEVELAND, May 8, 2012 /PRNewswire/ -- Associated Estates Realty Corporation (NYSE, NASDAQ: AEC) today announced that it will expand to Southern California by building apartments on Wilshire Boulevard in the highly desirable Miracle Mile submarket of Los Angeles.

Associated Estates purchased the historic Desmond's Tower at 5500 Wilshire Blvd. and the adjacent parking lot.  The acquired property comprises 2.21 acres with the parking lot area being entitled for apartments.  Associated Estates plans to build up to 175 apartments and structured parking.  Desmond's Tower is a 78,800 square foot office and retail building that has several tenants, including the internationally acclaimed Ace Gallery.

The apartments will be known as The Desmond on Wilshire and construction is expected to begin spring of 2013.  Merit Enterprises, Inc. ("Merit"), a wholly owned subsidiary of Associated Estates, will act as construction manager.

"The Desmond is an exceptional opportunity and a terrific way to develop our first Southern California apartment property in a highly sought after location on Wilshire Blvd.," said Jason Friedman, Vice President of Construction and Development.  "We are excited about expanding into this market," Friedman added.

The Desmond on Wilshire will be located in one of Los Angeles' most coveted and historic neighborhoods with close proximity to many large employers and to the city's most exclusive and vibrant residential communities including Beverly Hills, Hancock Park and West Hollywood.  Miracle Mile offers excellent walkability to upscale retail, dining, museums and mass transit, as well as easy accessibility to major interstates including the 10, 405, 101, and 110 Freeways.  Desmond's Tower was not listed for sale.

Associated Estates is a real estate investment trust ("REIT") and is a member of the Russell 2000 and the MSCI US REIT Indices.  The Company is headquartered in Richmond Heights, Ohio.  Associated Estates' portfolio consists of 52 properties containing 13,388 units located in eight states.  For more information about the Company, please visit its website at

Contact: John LytellDirector, Corporate Communications(216) 797-8718


1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $95.18 1.64%
FB $117.43 -0.96%
GOOG $692.36 -0.84%
TSLA $232.32 -3.92%
YHOO $36.01 -1.42%


Chart of I:DJI
DOW 17,750.91 -140.25 -0.78%
S&P 500 2,063.37 -18.06 -0.87%
NASDAQ 4,763.2240 -54.37 -1.13%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs