CLEVELAND, OH - Associated Estates Realty Corporation (NYSE: AEC) (Nasdaq: AEC) announced today the purchase of Riverside Station Apartments, a Class A apartment community located in Woodbridge, Virginia. Riverside Station is located two miles east of I-95, approximately 20 miles south from the District of Columbia.
Source: Associated Estates Realty Corporation
The property is located in the eastern sector of Woodbridge, Virginia, which is rapidly developing. Associated Estates now has 1,472 units across seven properties in the Maryland/Virginia region. "Riverside Station is superbly located and fits in well with our other Mid-Atlantic properties," said John Shannon, senior vice president of operations.
Riverside Station was built in 2005 and contains 304 units. The property is located in close proximity to major employment centers, Potomac Mills Mall, Potomac Town Center and Leesylvania State Park. Many of the units have views of the Potomac River and the community is adjacent to the Rippon Landing Virginia Railway Express (VRE) station. Amenities include: both attached and detached garages, a fitness center, playground, outdoor pool, media room and executive business center. Riverside Station is currently 95 percent leased and has average market rents of approximately $1,470 per month.
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' owned and non-owned portfolio consists of 50 properties containing 12,670 units located in eight states.