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Thursday, February 22, 2007

Associated Estates sells Mayfield property

3:24 pm, February 22, 2007

Associated Estates Realty Corp. has sold a 120-unit senior living apartment property in Mayfield Heights.Cuyahoga County land records indicate the property, the Gates Mills Club at 6759 Mayfield Road, was sold Jan. 20 for $4.7 million to Everest Gates Mills LP of Pasadena, Calif."

The disposition of this asset is in line with the company's plan to exit the congregate care business," said Jeffrey I. Friedman, Associated Estates president and CEO, in a statement.Associated Estates is a real estate investment trust that directly or indirectly owns, manages or is a joint venture partner in 100 multifamily properties with a total of 20,758 units.


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