Associated Estates Realty (AEC) Acquires Apartments in Raleigh-Durham Market
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Price: $18.16 -1.94%
Overall Analyst Rating:
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Dividend Yield: 4.2%
Revenue Growth %: +4.9%
Overall Analyst Rating:
NEUTRAL (
Down)Dividend Yield: 4.2%
Revenue Growth %: +4.9%
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Associated Estates Realty Corporation (NYSE: AEC) has acquired The Apartments at the Arboretum, located in Cary, NC, a suburb of Raleigh. The 205-unit property was built in 2009 and is located minutes from the Research Triangle Park. The average monthly rent per unit is approximately $1,200, and the property is currently 92 percent occupied. The average unit size is 1,073 square feet and was originally developed as a condominium, with high-end finishes, structured parking and first class amenities.
Associated Estates also announced that it has waived due diligence on The Park at Crossroads, a 344-unit property built in 2006, also in Cary. This property was not listed for sale. The average monthly rent per unit is approximately $850, and the property is currently 95 percent occupied. The average unit size is 1,021 square feet. The acquisition of this property is subject to the assumption of an approximately $25 million loan. The loan has an interest rate of 6.325% and matures in November, 2016. Closing is expected to occur during the third quarter.
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Associated Estates also announced that it has waived due diligence on The Park at Crossroads, a 344-unit property built in 2006, also in Cary. This property was not listed for sale. The average monthly rent per unit is approximately $850, and the property is currently 95 percent occupied. The average unit size is 1,021 square feet. The acquisition of this property is subject to the assumption of an approximately $25 million loan. The loan has an interest rate of 6.325% and matures in November, 2016. Closing is expected to occur during the third quarter.
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