Associated Estates Puts Up $324M For Apartment Portfolio

Law360, New York (September 23, 2013, 12:17 PM EDT) -- Associated Estates Realty Corp. will put up $324 million for a portfolio of seven U.S. apartment properties to boost its presence in major Southeastern and mid-Atlantic markets, the Ohio-based real estate investment trust said on Monday.

In the deal, Associated will swallow five North Carolina complexes — three in Raleigh, one in Charlotte and another in Cary. The purchase also includes a property in Atlanta and one in Tampa, Fla. Combined, the portfolio houses more than 1,600 units.

The REIT will complete the transaction in stages,...
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