PR Newswire: news distribution, targeting and monitoring
2014

Forest City completes disposition of Detroit apartment community

Sale generates $15 million in cash proceeds

Share with Twitter Share with LinkedIn

CLEVELAND, March 25, 2013 /PRNewswire/ -- Forest City Enterprises, Inc., (NYSE: FCEA and FCEB) today announced that it has closed the sale of Millender Center, a 339-unit apartment community in Detroit, Michigan, to RCA VG, LLC.  The gross selling price reflected a cap rate of 4.3 percent based on the property's 2012 net operating income, and the transaction generated net cash proceeds to Forest City of approximately $15 million.

(Logo: http://photos.prnewswire.com/prnh/20080515/FRSTCTYLOGO )

"As we execute on our strategy of focusing on our core markets, we continue to take advantage of opportunities to sell assets in non-core markets," said David J. LaRue, Forest City president and chief executive officer.  "We use liquidity from dispositions to reduce debt and further improve our balance sheet, invest in our mature portfolio and activate entitled development opportunities in core markets."    

Forest City's core markets include New York City, Greater Washington, D.C., Boston, Denver, Dallas, Los Angeles and San Francisco.

About Forest City
Forest City Enterprises, Inc. is an NYSE-listed national real estate company with $10.7 billion in total assets. The company is principally engaged in the ownership, development, management and acquisition of commercial and residential real estate and land throughout the United States. For more information, visit www.forestcity.net.  

SOURCE Forest City Enterprises, Inc.



RELATED LINKS
http://www.forestcity.net

Featured Video

Journalists and Bloggers

Visit PR Newswire for Journalists for releases, photos, ProfNet experts, and customized feeds just for Media.

View and download archived video content distributed by MultiVu on The Digital Center.

Share with Twitter Share with LinkedIn
 

Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

 

 
 

PR Newswire Membership

Fill out a PR Newswire membership form or contact us at (888) 776-0942.

 
 

Learn about PR Newswire services

Request more information about PR Newswire products and services or call us at (888) 776-0942.

 
Area to test

Online Member Center

Not a Member?
Click Here to Join
Login
Search News Releases
Advanced Search
Search
  1. PR Newswire Services
  2. Knowledge Center
  3. Browse News Releases
  4. Contact PR Newswire
  5. Send a News Release