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– Strengthens Presence in North Carolina and Georgia – – Continues to Reduce Portfolio Age With Focus on New Class-A Properties –
AVENTURA, Fla., March 4, 2014 (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 its planned acquisition of two apartment communities, containing an aggregate of 502 units for $73.2 million, with expected closings in March and April 2014.
During March 2014, the Company expects to close on the acquisition of Waterstone at Brier Creek, a 232-unit apartment community located in Raleigh, North Carolina, for approximately $32.7 million. In April 2014, the Company expects to acquire Waterstone at Big Creek, a 270-unit apartment community located in Alpharetta, Georgia for approximately $40.5 million.
"We are excited to announce the planned addition of these two well-located, luxury apartment communities," said Richard Ross, Interim Chief Executive Officer of Trade Street Residential. "The acquisition of these properties further expands our portfolio and strengthens our position in two of our core markets. With our strengthened balance sheet and attractive sources of financing in place, we will remain disciplined with our capital and continue to opportunistically grow our presence across the Sunbelt with high-quality, luxury communities, while remaining focused on improving our operating metrics and increasing our cash flow."
"The addition of these two newly-constructed apartments will further reduce the average age of our portfolio to 11 years and provide an attractive opportunity for us to improve occupancy levels and rental rates in strong markets," added Ryan Hanks, Chief Investment Officer of Trade Street Residential. "The greater Raleigh-Durham and Atlanta metropolitan areas are each experiencing rapidly expanding populations and employment levels that support improving portfolio operating metrics over time. We look forward to integrating these properties onto our platform upon respective acquisition closings."