BNP Residential Properties Announces the Acquisition of Apartment Portfolio.CHARLOTTE, N.C. -- BNP BNP B-type natriuretic peptide, brain natriuretic peptide Physiology A 32-residue peptide hormone produced predominantly in the ventricles, secreted in response to fluid overload–eg, CHF. See Atrial natriuretic peptide. Residential Properties, Inc. (AMEX AMEX See: American Stock Exchange : BNP) today announced the acquisition of a portfolio of four apartment communities containing 1,086 apartment units for an aggregate contract purchase price of $51.8 million. The properties were acquired through the issuance of 689,947 units in the Company's operating partnership, BNP Residential Properties Limited Partnership, and the assumption of $42.8 million of debt and other liabilities other liabilities Small and relatively insignificant liabilities. For financial reporting purposes, firms often combine small liabilities into this single category rather than listing each liability separately. . Under the terms of the acquisition agreements, 74,074 of the operating partnership units are deferred and will be issued one year after closing. Prior to the acquisitions, BNP provided third-party management services for these properties. The following properties were acquired: Canterbury Apartments, located in Myrtle Beach, South Carolina Myrtle Beach is a city and in Horry County, South Carolina, United States. It is part of the Grand Strand, a stretch of beaches along the South Carolina coastline, and the combined Myrtle Beach-Conway-North Myrtle Beach MSA. , containing 632 one- and two-bedroom apartments. Laurel Springs - Phase I Apartments, located in High Point, North Carolina
High Point is a city located in the Piedmont Triad region of North Carolina -- the 36th largest metro area in the United States with a population of 1.5 million. , containing 240 one- and two-bedroom apartments. Laurel Springs - Phase II Apartments, located in High Point, North Carolina, containing 96 two- and three-bedroom apartments. Salem Ridge Apartments, located in Winston-Salem, North Carolina Winston-Salem is a city in the U.S. state of North Carolina. As of the 2000 census, the city population was 185,776; in 2004 the city annexed an additional 17,483 raising the population to 203,259. , containing 120 one- and two-bedroom apartments. BNP Residential Properties, Inc. is a real estate investment trust focused on owning and operating apartment communities. As a result of this acquisition, BNP now owns and operates 29 apartment communities containing 7,199 apartments. We have an economic interest in, and are general partner of, entities owning three properties containing 713 apartments for which we provide management services. In addition to the apartment properties, we own 40 restaurant properties that we lease on a triple-net basis to a restaurant operator. We currently operate in the states of North Carolina North Carolina, state in the SE United States. It is bordered by the Atlantic Ocean (E), South Carolina and Georgia (S), Tennessee (W), and Virginia (N). Facts and Figures Area, 52,586 sq mi (136,198 sq km). Pop. , South Carolina South Carolina, state of the SE United States. It is bordered by North Carolina (N), the Atlantic Ocean (SE), and Georgia (SW). Facts and Figures Area, 31,055 sq mi (80,432 sq km). Pop. (2000) 4,012,012, a 15. and Virginia. BNP Residential Properties, Inc. is structured as an UPREIT, or umbrella partnership real estate investment trust. The company is the sole general partner and owns a controlling interest in BNP Residential Properties Limited Partnership, which we refer to as the operating partnership. All of our operations are conducted through the operating partnership. More information may be obtained by calling the company's Corporate Offices at (704) 944-0100 or on the Internet through the company website at www.bnp-residential.com. Information requests may be e-mailed to the investor relations department at investor.relations@bnp-residential.com. |
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