Bay Apartment Communities adds to Orange County portfolio with acquisition of Villa Serena Apartments in Rancho Santa Margarita.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)--April 29, 1997--Bay Apartment Communities (NYSE/PCX:BYA), a multifamily real estate company, has acquired Villa Serena Apartments, a 301-apartment home community in Rancho Santa Margarita Santa Margarita ("Saint Margaret") may refer to:
Villa Serena is the company's fifth apartment home community in Orange County. Bay paid $17.9 million for the community and plans to invest approximately $2 million in a 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 at the community. Bay's repositioning program at the community will include roof, stucco stucco (stŭk`ō), in architecture, a term loosely applied to various kinds of plasterwork, both exterior and interior. It now commonly refers to a plaster or cement used for the external coating of buildings, most frequently employed in and deck repairs. In addition, the company plans to put new refrigerators, washers and dryers in all apartment homes and upgrade the leasing office, fitness center and landscaping. Built in 1990, the community contains 141 apartment homes with two bedrooms and two bathrooms, 68 apartment homes with one bedroom and one bathroom and 92 studio apartment homes. Current resident amenities include a swimming pool, three spas, a fitness center, recreation and leasing office and three laundry facilities. "Rancho Santa Margarita is a 12-year old community and one of the fastest-growing areas in Orange County," noted Gilbert M. Meyer, chairman and chief executive officer. "Villa Serena is two blocks from a new regional toll road which provides access to major centers of employment and across the street from a major community shopping center shopping center, a concentration of retail, service, and entertainment enterprises designed to serve the surrounding region. The modern shopping center differs from its antecedents—bazaars and marketplaces—in that the shops are usually amalgamated into ," he added. "The Orange County market continues to demonstrate favorable trends, including job growth and increased housing demand," noted Max L. Gardner, Bay's 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. . "Villa Serena is an excellent addition to our already strong Orange County portfolio of apartment home communities and we believe we can generate increased returns with our repositioning and property leasing and management capabilities," 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. With this transaction, the company's portfolio consists of 39 apartment communities containing 10,140 apartment homes. The company's portfolio consists of 32 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 seven 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, . -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 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 agreements, 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 B. Van Horn, 408/983-1500 |
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