CLEVELAND, OH - Associated Estates Realty Corporation (NYSE: AEC) (Nasdaq: AEC) announced today that it has closed on the acquisition of The Ashborough, a Class A apartment community located in Ashburn, Virginia. The 504 unit property was built in 2004 and is located in the highly desirable submarket of Eastern Loudoun County. The average rent is $1,322 per month and the property is currently 97.4 percent occupied. Associated Estates now owns 2,340 units at eight apartment communities in Maryland and Virginia.
The acquisition was funded by cash on hand and borrowings on the Company's unsecured line of credit, which had no balance drawn prior to The Ashborough closing.
"The Ashborough compliments our existing portfolio with its superb location, unique design and close proximity to major employment centers," said Jeffrey I. Friedman, president and chief executive officer.
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 51 properties containing 13,234 units located in eight states.
Source: Associated Estates Realty Corporation