BNP Residential Properties Announces the Acquisition of Two Apartment Communities.Business Editors CHARLOTTE, N.C.--(BUSINESS WIRE)--May 31, 2002 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 two apartment properties containing a total of 456 apartment units. The properties acquired are Barrington Place Apartments (348 units) located in Charlotte, North Carolina “Charlotte” redirects here. For other uses, see Charlotte (disambiguation). Charlotte is the largest city in the state of North Carolina and the 20th largest city in the United States. , and Brookford Place Apartments (108 units) 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. . The properties were acquired through the issuance of approximately 139,300 units in the Company's operating partnership, BNP Residential Properties Limited Partnership, and the assumption of approximately $30.5 million in debt. The number of operating partnership units issued is subject to adjustment based on a final accounting of property-level operations. The properties were acquired from a private investment group. Two members of the selling group Selling Group All financial institutions involved in selling or marketing a new issue of debt or equity but not necessarily participating in the underwriting consortium. Notes: , Paul G. Chrysson and Michael G. Gilley, currently serve on the Company's board of directors. Prior to this transaction, the Company managed both of the acquired properties under third-party management contracts. Company Overview: BNP Residential Properties, Inc. is a real estate investment trust focused on owning and operating apartment communities. Following the acquisition announced today, BNP now owns and operates seventeen apartment communities containing a total of 4,137 apartments and provides third-party management services for fifteen apartment communities containing a total of 3,166 apartments. In addition to the apartment properties, the Company owns 42 restaurant properties that are leased on a triple-net basis to a restaurant operator. The Company currently operates 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, the operating partnership. All of the Company's operations are conducted through the operating partnership. |
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