Ohio-based REIT sheds tower apartments

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.

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