Ohio-based REIT sheds tower apartments

Company reduces aging Midwest portfolio

Associated Estates Realty Corp. on Thursday announced it has sold two northeast Ohio high-rise apartment communities containing a total of 1,100 units. The properties were built in the 1970s. The total value of the transactions was $41.3 million. "These sales are consistent with our objective to reduce the number of older, non-core apartment communities we own in the Midwest," said Jeffrey I. Friedman, president and CEO. Richmond Heights, Ohio-based Associated Estates Realty Corp. is a real estate investment trust that directly or indirectly owns, manages or is a joint-venture partner in 107 apartment communities containing a total of 22,213 units located in 11 states. ...