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.
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