Associated Estates Realty Corp., a real estate investment trust, today announced the purchase of The Belvedere and River Forest apartment communities located in the Richmond, Va., metro area for an undisclosed price.
The Belvedere (296 units) and River Forest (240 units) were built in 2005 and 2006, respectively. Both properties offer outdoor pools, 24-hour fitness centers, business centers, and tennis and volleyball courts. The Belvedere was 97 percent leased at the time of sale and has average market rents of approximately $1,015 per month. River Forest was 95 percent leased and has average market rents of approximately $970 per month.
AEC has acquired three properties in Virginia over the last 10 months with a total of 804 units, according to a press statement, and now owns a portfolio comprising 54 properties (13,396 units) spread across nine states.
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