AVENTURA, Fla., Feb. 6, 2014 (GLOBE NEWSWIRE) -- Trade Street Residential, Inc. (Nasdaq:TSRE) ("Trade Street" or 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 The Aventine Greenville, a newly constructed 346-unit Class A luxury apartment community located in Greenville, S.C., for approximately $42 million, or $121,000 per unit. The acquisition closed today, February 6, 2014.
The Aventine Greenville is located at 97 Market Point Drive in close proximity to numerous upscale retail locations and adjacent to the Millennium Campus, a 500-acre master planned corporate and research park. Greenville, S.C. boasts a strong economy with favorable employment trends, a limited supply of competing apartment units, and is located in Greenville County, home to more than 95 Fortune 500 companies as of 2010. The property is currently 76% leased and the Company expects it to be stabilized by the second or third quarter of 2014.
The Aventine Greenville offers one, two and three bedroom apartment homes featuring full-sized kitchens with built in microwaves, granite countertops, walk-in closets, vaulted ceilings, private balconies/sunroom options and a full-sized washer and dryer. Its amenities include a Wi-Fi Cafe, state of the art fitness facility, pet park, business center, resort-style pool with cabanas, and a pool pavilion complete with TVs and built-in grills."This luxury property establishes our presence in Greenville, SC, a rapidly expanding commercial center in the Southeast, and furthers our goal to modernize our portfolio," said David Levin, President and Vice Chairman of Trade Street Residential. "This acquisition continues to demonstrate our ability to source off-market pre-sale deals at an attractive spread to current market values on a stabilized basis. Including the expected acquisition of the Avenues at Craig Ranch, which we previously announced, our weighted average portfolio age will be approximately 11 years."
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