REIT sheds noncore Midwest asset

Associated Estates Realty Corp., a real estate investment trust, has sold a 949-unit apartment community in Euclid, Ohio, as part of its strategy to reduce its Midwest exposure.

The value of the transaction was not disclosed.

The property, North Pointe, comprises two 22-story towers located on the shore of Lake Erie. Built in 1971, the asset was 89 percent occupied at the time of sale.

The seller plans to use the net sales proceeds to acquire another property in an undisclosed location, according to a press statement.