Bay Apartment Communities Acquires Second Apartment Home Community in Warner Center Area.SAN JOSE San Jose, city, United States San Jose (sănəzā`, săn hōzā`), city (1990 pop. 782,248), seat of Santa Clara co., W central Calif.; founded 1777, inc. 1850. , Calif.--(BUSINESS WIRE)--Jan. 20, 1998--Bay Apartment Communities, Inc. (NYSE NYSE See: New York Stock Exchange :BYA)(PCX (1) A bitmapped graphics file format that handles monochrome, 2-bit, 4-bit, 8-bit and 24-bit color and uses RLE to achieve compression ratios of approximately 1.1:1 to 1.5:1. Images with large blocks of solid colors compress best under the RLE method. See PC Paintbrush. :BYA), a multifamily real estate company, has acquired the Warner Oaks Apartments, a 227-apartment home community in the Warner Center area of Woodland Hills, Calif. This transaction follows Bay's acquisition in December of the Viewpointe Apartments, a 663-apartment home community which is also located in the Warner Center area. Bay paid approximately $20 million for Warner Oaks and plans to invest approximately $4.8 million in a repositioning program at the community. Bay's plans include replacement of the community's air conditioning air conditioning, mechanical process for controlling the humidity, temperature, cleanliness, and circulation of air in buildings and rooms. Indoor air is conditioned and regulated to maintain the temperature-humidity ratio that is most comfortable and healthful. system, seismic bracing at the community and the conversion of existing carport CARPORT Cardiology A clinical trial–Coronary Artery Restenosis Prevention on Repeated Thromboxane-Antagonism Study that evaluated thromboxane A2-receptor blockade in preventing restenosis after PCTA in Pts with CAD. and open parking areas to 112 tandem carport spaces and 60 tuck-under parking spaces to private garages. Bay also plans to renovate apartment home interiors, install washers and dryers in approximately 139 homes and upgrade the community's landscaping. Warner Oaks has 20 apartment homes with three bedrooms and two bathrooms; 66 homes with two bedrooms and two bathrooms; 53 homes with two bedrooms and one bathroom and 88 homes with one bedroom and one bathroom. Resident amenities at the gated community gat·ed community n. A subdivision or neighborhood, often surrounded by a barrier, to which entry is restricted to residents and their guests. include a swimming pool, spa, sauna, tennis courts and fitness center. "The addition of Warner Oaks to our portfolio complements our previous acquisition in Woodland Hills and provides us a strong presence in the Warner Center area," said Gilbert M. Meyer, chairman and chief executive officer. "The community is located within walking distance of Warner Center, a six million square foot office complex, one block from the Ventura (101) Freeway and near two major regional shopping malls," he added. "The Woodland Hills market is experiencing a resurgence," noted Max L. Gardner, executive vice president and 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. . "Job growth has been strong and housing demand has been increasing. We are optimistic about the potential of the market." Bay Apartment Communities is a fully-integrated, multifamily real estate investment trust focused on the acquisition, development, construction, reconstruction and management of high quality apartment home communities. With this transaction, the company's portfolio consists of 55 communities containing 15,596 apartment homes, including homes delivered at Toscana, a partially developed community in Sunnyvale, Calif. The company's portfolio includes 37 apartment home communities in the San Francisco Bay Area “Bay Area” redirects here. For other uses, see Bay Area (disambiguation). The San Francisco Bay Area, colloquially known as the Bay Area or The Bay and Northern California Northern California, sometimes referred to as NorCal, is the northern portion of the U.S. state of California. The region contains the San Francisco Bay Area, the state capital, Sacramento; as well as the substantial natural beauty of the redwood forests, the northern , 15 communities in Southern California Southern California, also colloquially known as SoCal, is the southern portion of the U.S. state of California. Centered on the cities of Los Angeles and San Diego, Southern California is home to nearly 24 million people and is the nation's second most populated region, , two communities in the Seattle area and one in the Portland market. The company also owns six land sites in the San Francisco Bay Area on which it is building, or plans to commence building in the future, six communities which will contain an aggregate of approximately 1,626 additional apartment homes, including the remaining apartment homes under construction at Toscana. This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The forward-looking statements contained in this release are statements that involve risks and uncertainties, including, but not limited to, market demand, the effect of economic conditions, the impact of competition and competitive pricing, changes in construction scope or costs, the result of financing efforts, actual purchases under agreement, the effect of the company's accounting policies and other risks detailed in the company's Securities and Exchange Commission filings. CONTACT: Bay Apartment Communities Gilbert M. Meyer/Jeffrey B. Van Horn, 408/983-1500 |
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