This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
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
TheStreet Open House

Associated Estates Expands Into Raleigh-Durham Market

CLEVELAND, June 11, 2012 /PRNewswire/ -- Associated Estates Realty Corporation (NYSE, NASDAQ: AEC) announced today that it has acquired The Apartments at the Arboretum, located in Cary, NC, a suburb of Raleigh.

The 205-unit property was built in 2009 and is located minutes from the Research Triangle Park.  The average monthly rent per unit is approximately $1,200, and the property is currently 92 percent occupied.  The average unit size is 1,073 square feet and was originally developed as a condominium, with high-end finishes, structured parking and first class amenities.  The property is located within a premier mixed-use development known as Arboretum at Weston and is directly across the street from the world headquarters of SAS, Cary's largest employer.

Associated Estates also announced that it has waived due diligence on The Park at Crossroads, a 344-unit property built in 2006, also in Cary.  This property was not listed for sale.  The average monthly rent per unit is approximately $850, and the property is currently 95 percent occupied.  The average unit size is 1,021 square feet.  The Park at Crossroads is located less than two miles from I-40 and the I-440 beltline, and is within three miles of the Regency Park and Crescent Commons office parks, containing over 1.9 million square feet of office space.  The acquisition of this property is subject to the assumption of an approximately $25 million loan.  The loan has an interest rate of 6.325% and matures in November, 2016.  Closing is expected to occur during the third quarter.

"We have had our eyes on Raleigh-Durham for some time and these acquisitions fit well with our plan to expand into high growth submarkets," said John Shannon, Senior Vice President of Operations.  "We expect strong apartment fundamentals to continue for a number of years.  Our scalable operating platform in this region will facilitate additional growth in the Raleigh-Durham market," Shannon continued.

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 54 properties containing 13,835 units located in ten states.  For more information about the Company, please visit its website at AssociatedEstates.com.

For more information, please contact:

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
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

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
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 17,712.66 +34.43 0.19%
S&P 500 2,061.02 +4.87 0.24%
NASDAQ 4,891.2190 +27.8570 0.57%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs