RICHMOND, Va., Dec. 12 /PRNewswire/ -- Cornerstone Realty Income Trust,
Inc. (NYSE: TCR) announced today that it has acquired the Waterford Apartments
in Midlothian, Va. for $22.5 million.
Formerly owned by Summit Properties, Inc. of Charlotte, N.C., Waterford is
a garden-style apartment community with 312 apartment homes in 26 three-story
buildings on 31 acres of land. Built in 1989, the community offers various
one-, two- and three-bedroom floor plans with an average unit size of 995
square feet. Common amenities include an outdoor swimming pool, 24-hour
fitness center, spacious clubhouse with an oversized deck and patio,
children's playground, business center, lighted tennis courts and detached
storage units. The Waterford community currently is 95% occupied.
"This is the second high-quality apartment community that we have added to
our Richmond portfolio this year. We now own and operate six communities with
nearly 1,700 apartment homes in the metropolitan area, representing 8% of our
total portfolio. Richmond has been and continues to be a very stable,
profitable market for us and we are pleased to have further increased our
presence here with the acquisition of the Waterford Apartments," said Glade M.
Knight, Cornerstone's chairman and chief executive officer.
Certain statements contained herein constitute "forward-looking
statements" within the meaning of the Securities Act of 1933 and the
Securities Exchange Act of 1934. Such forward-looking statements involve known
and unknown risks, uncertainties and other factors that may cause the future
results, performance or achievements of the company to be materially different
from any forward-looking statements. Such factors include, among others,
risks associated with future economic and rental conditions in specific
markets, general competitive factors and the future market valuation of the
Cornerstone Realty Income Trust, Inc. (NYSE: TCR) is a fully integrated,
self-managed and self-advised real estate company that has operated as a real
estate investment trust (REIT) since 1993. The company focuses on the
ownership and management of multifamily communities in select markets in
Virginia, North Carolina, South Carolina, Georgia and Texas. Currently
Cornerstone owns 81 apartment communities with 20,686 units. An additional
286 units are under construction. Cornerstone is headquartered in Richmond,
Va. and its common stock trades on the New York Stock Exchange under the
symbol TCR. For more information about Cornerstone, visit the company's web
site at http://www.cornerstonereit.com .
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SOURCE Cornerstone Realty Income Trust, Inc.
/CONTACT: Mark M. Murphy of Cornerstone Realty Income Trust, Inc.,
+1-804-643-1761, ext. 231/
/Web site: http://www.cornerstonereit.com/
CO: Cornerstone Realty Income Trust, Inc.; Waterford Apartments; Summit
ST: Virginia, North Carolina
IN: FIN RLT
-0- Dec/12/2001 18:37 GMT
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