Associated To Shed 42 Owned, Managed Assets

(Read more on the multifamily market.)

RICHMOND HEIGHTS, OH-Associated Estates Realty Corp. is selling 12 properties and exiting 30 more management contracts to completely divest itself of affordable apartment housing properties by March 2009. The REIT manages 4,816 units of Low Income Housing Tax Credit, Section 8 and Section 202 housing properties, and owns 1,254 Section 8 units.

The company-owned properties, all in northeast Ohio, are now for sale, says a company spokesman, including the pictured Sutliff Two Apartments, a 185-unit senior housing property in Cuyahoga Falls. He tells GlobeSt.com that he can’t say the amount the firm will ask for the 1,254 units. In the REIT’s 2007 outlook in its second quarter report, the company says it expects to acquire $90 million to $150 million of properties in 2007, and to dispose of $100 million to $150 million of properties, as part of a long-term plan to shed non-core assets and move into higher growth markets. In total, the REIT owns or manages 99 multifamily, totaling almost 20,000 units in 10 states, at occupancies in the 90s.