BRE Properties Buys 240-Unit Second Phase of Apartment Community In Metro Phoenix For $12.9 Million; BRE Owns 11,812 Apartment Units In Western U.S.SAN FRANCISCO--(BUSINESS WIRE)--Dec. 3, 1996--BRE Properties Inc. (NYSE NYSE See: New York Stock Exchange :BRE (Business Rules Engine) Software that automates policies and procedures within an organization, whether legal, internal or operational. The use of a rules engine (BRE) requires placing the company rules in an external repository that can be easily reviewed rather than ) one of the nation's largest multifamily real estate investment trusts (REITs), has purchased 240 newly developed units of Newport Landing II in Glendale, Ariz., for a cash purchase price of $12.9 million. The property is contiguous with the 240 units of Newport Landing I, purchased by BRE for $9.2 million in 1995. The combined property will be operated as a single community of 480 apartment homes and has an expected first year stabilized yield of 10.3% Frank C. McDowell, president and chief executive officer of BRE said, "One of BRE's ongoing strategic objectives is to increase the operating efficiency of our existing infrastructure. "The addition of new units to a property with proven performance provides a unique opportunity to increase asset productivity. Leasing and administrative services, as well as the property's recreational amenities, are optimized in the expanded unit count." "The Phoenix metro area continues to be a strong contributor to our Western market focus," said Jay Pauly, BRE's Chief Operating Officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. . "The Glendale submarket in particular has a diverse and healthy employment base including aerospace, communications, education, retail and healthcare. BRE's investment in metro Phoenix represents 2,326 total units in our portfolio. At a current average occupancy of 96%, Phoenix is generating approximately 16% of our apartment revenues." Situated on 21 acres, Newport Landing's combined phases contain 47% one bedroom units, 43% two bedroom units, and 10% three bedroom units. The average unit size is 798 s.f. with a current average monthly rent per unit of $618. Newport Landing I is 98% occupied, and Newport Landing II is currently 81% leased. BRE Properties, headquartered in San Francisco, is a self-administered, self-managed and fully integrated equity real estate investment trust focusing on the acquisition and management of multifamily properties in the Western United States Noun 1. western United States - the region of the United States lying to the west of the Mississippi River West Santa Fe Trail - a trail that extends from Missouri to New Mexico; an important route for settlers moving west in the 19th century . -0- Note to Editors: "Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. " Statement under the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995: This news release contains forward-looking statements regarding Company and property performance. Actual results could vary materially depending on risks and uncertainties inherent to general and local real estate conditions, or competitive factors specific to the Western markets in which BRE operates. The Company assumes no obligation to update this information. For more details, please refer to the Company's SEC filings, including its most recent Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. and quarterly reports on Form 10-Q Form 10-Q See 10-Q. . CONTACT: BRE Properties, Inc. Lauren L. Barr, 415/445-6523 |
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