SAN FRANCISCO, CA - BRE Properties, Inc., a leading owner, operator and developer of high-quality apartment communities in targeted growth markets in California and Seattle, announced the sale of six joint venture interests to its joint venture partner for a total sales price of $47.5 million.
“This sale furthers our strategy of disposing non-core communities and reinvesting the proceeds in BRE’s current development pipeline to increase our concentration in targeted high-barrier, coastal markets,” commented Constance B. Moore, President and Chief Executive Officer. After giving effect to this transaction, the Company exits the Denver, CO market and has two remaining communities held in joint venture structures, representing less than 0.5% of the Company’s expected 2013 annual net operating income.
Interests in communities sold:
The Bluffs at Highland Ranch (Denver, CO)
The Fairways at Raccoon Creek (Denver, CO)
Pinnacle at DTC (Denver, CO)
Pinnacle at Mountain Gate (Denver, CO)
Pinnacle at Union Hills (Phoenix, AZ)
Pinnacle Terrace (Phoenix, AZ)
The sale of these communities resulted in a net gain of approximately $15 million. All of the communities were held on an unencumbered basis.
BRE Properties, based in San Francisco, California, focuses on the development, acquisition and management of apartment communities located primarily in the major metropolitan markets of Southern and Northern California and Seattle. BRE directly owns 74 multifamily communities (totaling 21,160 units) and has joint venture interests in an additional two apartment communities (totaling 684 units).