Quarterly report pursuant to Section 13 or 15(d)

Real Estate Transactions

v2.4.0.6
Real Estate Transactions
 3 Months Ended
Mar. 31, 2013
Real Estate Transactions [Abstract]  
Real Estate Transactions

3.    REAL ESTATE TRANSACTIONS

 

On January 18, 2013, the Company acquired Alterra at Overlook Ridge 1A (“Alterra 1A”), a 310-unit multi-family rental property located in Revere, Massachusetts, for approximately $61.3 million in cash.  The purchase price for the property was funded primarily through borrowings  under the Company’s unsecured revolving credit facility.

 

The purchase price was allocated to the net assets acquired as follows (in thousands):

 

 

 

 

 

 

 

January 18,
2013

 

 
2013 

Land

$
9,042 

Buildings and improvements

 
50,739 

Furniture, fixtures and equipment

 
801 

In-place lease values (1)

 
931 

 

 
61,513 

 

 

 

Less: Below market lease values (1)

 
195 

 

 
195 

 

 

 

Net cash paid at acquisition

$
61,318 

 

(1)

In-place lease values and below market lease values will be amortized over seven months.

 

For the three months ended March 31, 2013, included in general and administrative expense was approximately $56,000 of transaction costs related to the Alterra 1A acquisition.

 

On April 4, 2013, the Company acquired Alterra at Overlook Ridge IB, a 412-unit multi-family property in Revere, Massachusetts, for approximately $88 million.  The Company funded the acquisition primarily through borrowings under the Company’s unsecured revolving credit facility.  

 

On April 10, 2013, the Company sold its 248,400 square foot office property located at 19 Skyline Drive in Hawthorne, New York for approximately $16 million.