Saturday, October 2, 2010
CLEVELAND, OH /PRNewswire-FirstCall/ -- Associated Estates Realty Corporation (NYSE: AEC, Nasdaq: AEC) announced that it will begin construction of Vista Germantown (top left photo), a 242-unit apartment community located in downtown Nashville, Tennessee.
The property will be developed by a joint venture controlled by Associated Estates, which acquired the property and development rights from Bristol Development Group, who will have a minority interest in the ongoing project. Merit Enterprises, Inc. ("Merit"), a wholly owned subsidiary of Associated Estates, will act as general contractor.
"We have identified Nashville as a market where we want to grow," said John Shannon (middle right photo), Senior Vice President of Operations.
"It is an exciting town which has provided remarkable support to Associated Estates and Merit during the pre-development process.
“The diverse economic base and solid demographic trends in Nashville should bode well for the apartment market for years to come. Merit will be able to provide important construction efficiencies for this urban infill development," Shannon added.
The project, which will be managed by Associated Estates, will include structured parking, a fitness center and an outdoor pool. Many units will have dramatic views of the downtown Nashville skyline. The estimated completion date of the project is spring 2012.
Merit Enterprises, Inc., a wholly owned subsidiary of Associated Estates, is a full service construction company. In addition to ground up construction, Merit also performs value-added rehabilitation services for Associated Estates' portfolio of apartment communities, as well as for third party owners.
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.
For more information about the Company, please visit its website at http://www.associatedestates.com/.
Media Contact: Kimberly Kanary, 216) 797-8718Investor Contact: Jeremy Goldberg, (216) 797-8715