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

Trade Street Residential Acquires Fountains Southend For $34 Million

AVENTURA, Fla., Sept. 25, 2013 (GLOBE NEWSWIRE) -- Trade Street Residential, Inc. (Nasdaq:TSRE) (the "Company"), a fully integrated owner and operator of high-quality apartment communities located primarily in the southeastern United States, today announced the acquisition of Fountains Southend, a newly constructed 208-unit Class A urban transit-oriented apartment community located in Charlotte, N.C., for approximately $34 million. The acquisition closed on September 24, 2013.

"We are excited to complete the acquisition of a second luxury apartment community during the month of September," said Michael Baumann, Chief Executive Officer and Chairman of Trade Street Residential. "The addition of the attractive and newly constructed Fountains Southend apartment community further reduces the average age of our portfolio and expands our presence in the North Carolina market. We remain focused on strategically deploying capital to grow our portfolio in high-quality, well-located communities across the Sunbelt while continuing to apply our operating skills to increase revenue and expand margins across all of our properties."

Fountains Southend features luxury one, two, and three-bedroom apartments in a variety of floor plans, with attractive amenities including private porches/balconies, in-home washers and dryers, stainless steel appliances, granite countertops, gourmet kitchens, and wood-style flooring. The property amenities include a resort style pool and hot tub, fitness center, pet spa, rooftop clubroom and sky terrace. Construction of the property was recently completed in August 2013 and is currently 96% leased.

Fountains Southend is conveniently located in close proximity to the New Bern station on Charlotte's new light rail transit system and approximately three miles from the city center. This location lends the comfort of a neighborhood lifestyle with easy access to in-town attractions including up-scale dining, shopping and entertainment in Southpark and Uptown.

The Company has obtained a commitment for a $23.8 million 10-year first mortgage at a fixed rate of 4.31% with three years of interest only payments followed by principal and interest payments based on a 30-year amortization schedule thereafter. This loan is expected to close in November 2013, subject to satisfaction of customary conditions.

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


Chart of I:DJI
DOW 17,798.49 -14.90 -0.08%
S&P 500 2,090.11 +1.24 0.06%
NASDAQ 5,127.5250 +11.3820 0.22%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs