Associated Estates To Acquire 1,606-unit Portfolio For About $324 Mln

(RTTNews) - Associated Estates Realty Corp. (AEC) Monday said it has entered into a definitive purchase agreement and completed due diligence with respect to a seven-asset portfolio of Class-A apartment communities located in the Southeast and Mid-Atlantic, for an aggregate purchase price of about $324 million.

According to the company, the 1,606-unit Portfolio is comprised of 462 stabilized units, 349 units currently in lease-up and 795 units being constructed by the current owner that will be sold to the firm upon completion.

The Portfolio is located in high growth submarkets in the Raleigh-Durham, Charlotte, Atlanta and Tampa markets.

The Company intends to fund the purchase of the Portfolio principally from proceeds of property dispositions over the next twelve months.