Forest City completes disposition of Detroit apartment community
Sale generates $15 million in cash proceeds
CLEVELAND, March 25, 2013
CLEVELAND, March 25, 2013 /PRNewswire/ --Forest City Enterprises, Inc.,
(NYSE: FCEA and FCEB) today announced that it has closed the sale of Millender
Center, a 339-unit apartment community in Detroit, Michigan, to RCA VG, LLC.
The gross selling price reflected a cap rate of 4.3 percent based on the
property's 2012 net operating income, and the transaction generated net cash
proceeds to Forest City of approximately $15 million.
(Logo: http://photos.prnewswire.com/prnh/20080515/FRSTCTYLOGO )
"As we execute on our strategy of focusing on our core markets, we continue to
take advantage of opportunities to sell assets in non-core markets," said
David J. LaRue, Forest City president and chief executive officer. "We use
liquidity from dispositions to reduce debt and further improve our balance
sheet, invest in our mature portfolio and activate entitled development
opportunities in core markets."
Forest City's core markets include New York City, Greater Washington, D.C.,
Boston, Denver, Dallas, Los Angeles and San Francisco.
About Forest City
Forest City Enterprises, Inc. is an NYSE-listed national real estate company
with $10.7 billion in total assets. The company is principally engaged in the
ownership, development, management and acquisition of commercial and
residential real estate and land throughout the United States. For more
information, visit www.forestcity.net.
SOURCE Forest City Enterprises, Inc.
Contact: Robert O'Brien, Executive Vice President - Chief Financial Officer,
216-621-6060, or Jeff Linton, Senior Vice President - Corporate Communication,
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