BRE Properties, Inc. (NYSE:BRE), a leading owner, operator and developer of high-quality apartment communities in targeted growth markets in California and Seattle, announced today the following disposition activity:
- In June 2013, the Company completed the sale of Summerwind Townhomes, a 200-home, wholly-owned apartment community in Los Angeles, CA, for total net proceeds of $46.8 million.
- Also in June, the Company completed the sale of Arcadia Cove, a 432-home apartment community in Phoenix, AZ, in which the Company owned a 15% interest. Total net proceeds to BRE were $6.0 million.
The sale of these communities resulted in a combined net gain of approximately $22 million. Both communities were held on an unencumbered basis.
“These sales further our strategy of disposing of non-core communities and recycling capital into our high-barrier, core in-fill development pipeline,” commented Constance B. Moore, President and Chief Executive Officer. “Including our first quarter dispositions, we have generated approximately $100 million in sales proceeds and are targeting an additional $75 million to $125 million of communities to be marketed for sale in the second half of 2013.“
Additional information regarding the community sales:
|Community||BRE Ownership||Homes||Year Built||May 2013 Revenue per Occupied Home||YTD 2013 Annualized NOI (1)||YTD 2013 vs. 2012 Revenue Growth (3)|
|Arcadia Cove (JV)||15%||432||1996||$825||$2,620,000 (2)||4.6%|
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