CLEVELAND, OH - Associated Estates Realty Corporation (NYSE, NASDAQ: AEC) announced today that it has closed on the acquisition of a Class AA apartment community located in Fairfax, Virginia, which will now be known as Dwell Vienna Metro.
The 250-unit property was built in 2008 and is located immediately adjacent to the Vienna Metro Station, where residents can access the central business district of Washington, D.C. in less than thirty minutes. Within five miles of this property, there are several large employment centers including Tysons Corner and The Fairfax County Government Center.
Dwell Vienna Metro has luxury condominium style finishes, is located in a submarket with limited new apartment deliveries expected and a population base with high average household income. The average rent is $1,989 and the property is currently 91 percent occupied. Associated Estates now owns 1,522 units in four apartment communities in Northern Virginia.
"Dwell Vienna Metro fits extremely well with our long term plans to build a meaningful presence in Metro D.C.," said Jeffrey I. Friedman, President and Chief Executive Officer. "This acquisition is part of our continued migration into higher growth markets," Friedman continued.
Associated Estates is a real estate investment trust ("REIT") and is a member of the Russell 2000 and the MSCI US REIT Indices. The Company is headquartered in Richmond Heights, Ohio. Associated Estates' portfolio consists of 54 properties containing 14,134 units, located in eight states.
Source: Associated Estates Realty Corporation