Home

Berkshire Income Realty Completes the Acquisition of a 375-Unit Multifamily Apartment Community in Georgia

Wed, 12/13/2006 - 03:36 — keith

BOSTON--(BUSINESS WIRE)--Berkshire Income Realty, Inc. (AMEX: BIR.PR.A), (AMEX: BIR_PA), (AMEX: BIRPRA), (AMEX: BIR-A), (AMEX: BIR.A), (AMEX: BIR/PRA) (the “Company”) announced today that the Company has completed the acquisition of 100% of the fee simple interest of The Standard at Lenox Park Apartments (“Lenox Park”), a 375-unit multifamily apartment community located in Atlanta, Georgia, from an unaffiliated third party. The acquisition of Lenox Park increases the Company’s ownership presence in the southeast.

The purchase price of $47,100,000 was paid with a combination of proceeds from new first mortgage debt of $35,000,000, which is collateralized by the property, and cash from available working capital. The purchase price was subject to normal operating pro rations and adjustments as provided for in the purchase and sale agreement.

President and CFO David Quade comments, “The acquisition of Lenox Park provides the Company the opportunity to enter the Atlanta, Georgia submarket with the purchase of a class A property in what we believe is a strong and desirable rental market. Lenox Park is located in the Buckhead section of Atlanta and offers its tenants an attractive amenities package as well as convenient access to retail shopping and major highways.”

The Company is a REIT whose objective is to acquire, operate, and rehabilitate multifamily apartment communities. The Company owns interests in twenty-five such multifamily apartment communities, of which eight are located in the Baltimore/Washington, D.C. metropolitan area, five are located in Virginia, four are located in Houston, Texas, three are located in Dallas, Texas, two are located in the Chicago, Illinois area and one is located in each of Austin, Texas, Charlotte, North Carolina, and the Tampa, Florida area.

This press release may contain “forward-looking statements,” within the meaning of the Private Securities Litigation Reform Act of 1995, about the Company. These statements involve a number of risks and uncertainties that could materially affect future results. Among these risk factors are the ones listed in the Company's periodic reports filed with the Securities and Exchange Commission, including without limitation the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2005 and Quarterly Report on Form 10-Q for the periods ended March 31, 2006, June 30, 2006 and September 30, 2006.
Contacts

Berkshire Income Realty, Inc.
James Juliano, 1-617-574-8382
Fax: 1-617-423-8919
james.juliano@berkshire-group.com

About author

Keith Gregory is the administrator for American Mortgage News. At this stage, most content posted here is in the form of a press release. As such, there is no implied warrently over the contents of an article, or any statement or endorsement of any kind whatsoever.