Bay Apartment Communities Expands Presence in Seattle Market With Acquisition of Landing West Apartments in West Seattle.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)--Oct. 6, 1997--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 Landing West Apartments, a 190-apartment home community in Seattle. This transaction follows Bay's announcement on Sept. 26, 1997 that it had acquired Gallery Place Apartments, a 222-apartment home community in Redmond, Wash., and agreed to purchase Verandas at Bear Creek Bear Creek may refer to: Communities
Built in 1989, Landing West is located at 2201 Southwest Holden St. in the West Seattle area, approximately 15 minutes from both downtown Seattle Downtown is the central business district of Seattle, Washington. It is fairly compact compared to other city centers on the West Coast because of its geographical situation: hemmed in on the north and east by hills, on the west by Elliott Bay, and on the south by reclaimed land and one of Boeing Corp.'s main production plants in Renton. Bay paid $9.0 million for the community and plans a major repositioning repositioning Laparoscopic surgery The changing of a Pt's position during a procedure to improve access or visualization of the operative field, which may be linked to complications, as it changes anatomic planes of operation. Cf Laparoscopic surgery. program representing an investment of approximately $3.3 million. Bay's reconstruction program will include repair of siding and building trim, new roofs for approximately half of the community, upgrades to the landscaping and site drainage, the addition of washers and dryers to each unit and other interior upgrades and refurbishment re·fur·bish tr.v. re·fur·bished, re·fur·bish·ing, re·fur·bish·es To make clean, bright, or fresh again; renovate. re·fur of the community's leasing center. "This acquisition represents another example of Bay's long-term strategy of acquiring well-located, yet undermanaged communities and greatly enhancing their value through a major reconstruction program," said Gilbert M. Meyer, chairman and chief executive officer. "We have successfully built our portfolio with similar transactions during our nearly two decades of operation in California," he added. Landing West contains eight homes with three bedrooms and two bathrooms; six homes with two bedrooms and two bathrooms; 82 homes with two bedrooms and one bathroom; and 94 homes with one bedroom and one bathroom. "This acquisition provides Bay the opportunity to increase its presence in the Seattle market at a highly attractive purchase price," 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. . "West Seattle is a desirable area in one of the strongest rental markets in the U.S. The community's proximity to a revitalized and growing downtown and major employers, such as Boeing, make Landing West an excellent acquisition for us," he added. 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. In addition to the three Seattle area communities, the company's portfolio consists of 44 communities containing 11,840 apartment homes. The company's portfolio consists of 34 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 and 10 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, . 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 1,949 apartment homes. -0- 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 and 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/Max L. Gardner/Jeffrey Van Horn, 408/983-1500 |
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