May 27, 2014
/PRNewswire/ -- Federal Realty Investment Trust (NYSE: FRT) today announced the completion of the
$4.8 million dollar
renovation of The Crest at Congressional Plaza, a 146-unit boutique apartment community in
, owned by Federal Realty.
The unveiling is scheduled to occur on
Friday, June 6, 2014
, marked by a ribbon-cutting ceremony as well as an event for current and prospective residents. The renovation plans, designed by award-winning architect
, local interior designer,
, and landscape architect,
include a new outdoor cafe area, new swimming pool and lounge area, updated patios for select apartments, refreshed amenity spaces, and upgrades to apartment interiors to create a Zen-inspired residential community.
Interior improvements include new porcelain flooring, modern luxury kitchens, hotel-inspired bathrooms and a designer lighting package. The intent of the extensive renovations is to create a luxurious, full-service apartment community focused on providing a well-balanced lifestyle for its residents. "We are excited to unveil the new Crest at Congressional Plaza and showcase the enriched living experience residents will now have," says
, Vice President, Mid-Atlantic Region Chief Operating Officer for Federal Realty.
The Crest at Congressional Plaza is managed by
Management Services and has the highest level of customer satisfaction as ranked by Apartment Ratings, and has been the recipient of the 2012 and 2013 Top Rated Award. For more information, please visit
About Federal Realty Investment Trust
Federal Realty Investment Trust is an equity real estate investment trust specializing in the ownership, management, development, and redevelopment of high quality retail assets. Federal Realty's portfolio (excluding joint venture properties) contains approximately 20 million square feet located primarily in strategically selected metropolitan markets in the Northeast, Mid-Atlantic, and
. In addition, the Trust has an ownership interest in approximately one million square feet of retail space through a joint venture in which the Trust has a 30% interest. The Trust's operating portfolio (excluding joint venture properties) was 95.6% leased to national, regional, and local retailers as of
March 31, 2014
, with no single tenant accounting for more than approximately 3.3% of annualized base rent. Federal Realty has paid quarterly dividends to its shareholders continuously since its founding in 1962, and has increased its dividend rate for 46 consecutive years, the longest record in the REIT industry. Federal Realty is an S&P MidCap 400 company and its shares are traded on the NYSE under the symbol FRT.
Management Services (RMS)
RMS, an affiliate of
Companies, manages 28 apartment communities in and around the
Companies, founded in 1983 in
is a recognized leader in apartment acquisitions and investment, development, property management and renovation. With more than 11,000 apartment homes in its portfolio, the company is one of the most active multifamily real estate firms in the Mid-Atlantic region.
Companies is comprised of three affiliates –
Development & Investment,
Management Services and
Renovation & Construction.