CLEVELAND, Oct. 12 /PRNewswire-FirstCall/ -- Associated Estates Realty Corporation (NYSE: AEC; Nasdaq: AEC) announced today that it has closed on the acquisition of San Raphael, a Class A apartment community located in Dallas, Texas.
The 222-unit property was built in 1999 and is located in the exclusive Addison/Galleria area, eleven miles north of downtown Dallas. The average monthly rent per unit is $1,003, and the property is currently 95 percent occupied. This gated community is located within walking distance of the Galleria Mall and its upscale shopping and dining.
"We have had our eyes on the Dallas market for some time," said John Shannon, Senior Vice President of Operations. "With acquisition prices below replacement costs and strong apartment fundamentals, we plan to grow our presence in the Dallas market," Shannon continued.
Associated Estates is a real estate investment trust ("REIT") and is a member of the Russell 2000. The Company is headquartered in Richmond Heights, Ohio. Associated Estates' portfolio consists of 52 properties containing 13,456 units located in nine states. For more information about the Company, please visit its website at www.AssociatedEstates.com.
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SOURCE Associated Estates Realty Corporation