Cleveland, Ohio – September 29, 2014 – Associated Estates Realty Corporation (NYSE, NASDAQ: AEC) announced today that local San Francisco dignitaries joined Associated Estates, along with the Company’s investment and development partners, for a groundbreaking ceremony at the Company’s 350 8th Apartments in the South of Market (SoMa) neighborhood.
“This project is unique because it enables residents to experience all that San Francisco has to offer in one, superb property,” said Jason Friedman, Senior Vice President of Acquisitions and Development for Associated Estates. “Beyond advancing the growth and development of the surrounding community and benefitting local residents and business owners, 350 8th will offer our prospective residents truly differentiated, upscale housing options in the Western SoMa neighborhood with immediate access to on-site restaurants, shopping, artist spaces and a public park.”
The 3.4-acre site is centrally located, with easy access to employment and entertainment options throughout the city, Silicon Valley and the East Bay by walking, biking or public transportation.
350 8th will be a 410-unit apartment community with seven distinct buildings. Residents will enjoy exclusive access to multiple roof decks, a community lounge and kitchen, a dog run, a fitness facility and a conference center. The buildings will offer three unique residential experiences: flats, lofts, and two-story townhomes. Each apartment will feature premium finishes, such as stone countertops, stainless steel appliances and custom cabinetry. The first units are expected to be available in November 2015.
“We are thrilled to be making this high-quality property in a growing neighborhood with such a rich heritage a reality,” commented Jeffrey I. Friedman, President and Chief Executive Officer. “350 8th is a significant milestone for Associated Estates that will contribute to long-term value creation for all of our shareholders.”
Partners of the project include AIG Global Real Estate Investment Corp., 4Terra Investments, James E. Roberts-Obayashi Corp. and Kava Massih Architects. PNC Bank, Bank of America and RBS Citizens Bank provided construction financing for the project.
For more information visit 3508th.com.
About Associated Estates
Associated Estates is a real estate investment trust and a member of the S&P 600, Russell 2000, and MSCI US REIT Indices. The Company is headquartered in Richmond Heights, Ohio. Associated Estates’ portfolio consists of 58 apartment communities containing 15,506 units located in 10 states, which include three committed acquisitions with 1,026 units that are being managed during lease-up and five apartment communities with 1,446 units in various stages of active development. For more information about the Company, please visit its website at AssociatedEstates.com.
