CLEVELAND, Jan. 27 /PRNewswire-FirstCall/ -- Forest City Enterprises, Inc., today announced that a subsidiary has closed the sale of its partnership interests in three supported-living apartment communities to a subsidiary of Hyatt Corporation. Units of Forest City and Hyatt have been partners in the properties since their initial development. Forest City expects to receive proceeds of approximately $30 million from the sale.
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The three properties, all of which operate under the Classic Residence by Hyatt brand, are located in Teaneck, N.J., Chevy Chase, Md., and Yonkers, N.Y., and have a total of 869 supported-living rental units.
"This sale is part of our ongoing strategic exit as a company from the supported-living segment of the residential multifamily market," said Charles A. Ratner, Forest City president and chief executive officer. "It's also another step in our efforts to capture value - and generate liquidity - from within our portfolio. We've had a long and productive partnership with Classic Residence by Hyatt, and we salute their continued leadership in senior living."
About Forest City
Forest City Enterprises, Inc., is an $11.9 billion NYSE-listed national real estate company. 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 http://www.forestcity.net/.
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Forest City Enterprises, Inc.
CONTACT: Robert O'Brien, Executive Vice President - Chief Financial
Officer, or Jeff Linton, Vice President - Corporate Communication,
+1-216-621-6060, both of Forest City Enterprises, Inc.
Web Site: http://www.forestcity.net/
