BOSTON--(BUSINESS WIRE)--Berkshire Income Realty, Inc. (NYSE MKT: BIR_pa), (NYSE MKT: BIRPRA), (NYSE MKT: BIR-A), (NYSE MKT: BIR.PR.A) ("Berkshire" or the "Company") announced today that the Company has entered into agreements to purchase Eon at Lindbergh, a 352-unit multifamily apartment community located in Atlanta, Georgia and Pavilion Townplace, a 236-unit multifamily apartment community located in Dallas, Texas for the combined purchase price of $120,000,000. The agreements provide for the assumption of the outstanding mortgage loans on the properties by the Company and are subject to normal operating prorations as provided for in the purchase and sale agreements. The sellers are unaffiliated third parties.
The Company is a Real Estate Investment Trust ("REIT") whose objective is to acquire, own, operate, develop and rehabilitate multifamily apartment communities. The Company owns interests in twenty multifamily apartment communities and one multifamily development project, of which six are located in the Baltimore/Washington, D.C. metropolitan area; three are located in Dallas, Texas; three are located in Virginia; two are located in Houston, Texas; and one is located in each of Austin, Texas; Atlanta, Georgia; Sherwood, Oregon; Tampa, Florida; Philadelphia, Pennsylvania; Walnut Creek, California; and Denver, Colorado. The Company also own interests in two unconsolidated multifamily entities.
Forward Looking Statements
With the exception of the historical information contained in this release, the matters described herein may contain forward-looking statements that are made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements, including statements about apartment rental demand and fundamentals, involve a number of risks, uncertainties or other factors beyond the Company's control, which may cause material differences in actual results, performance or other expectations. These factors include, but are not limited to, changes in economic conditions generally and the real estate and bond markets specifically, especially as they may affect rental markets, legislative/regulatory changes (including changes to laws governing the taxation of REITs), possible sales of assets, the acquisition restrictions placed on the Company by an affiliated entity Berkshire Multifamily Value Plus Fund III, LP, availability of capital, interest rates and interest rate spreads, changes in accounting principles generally accepted in the United States of America and policies and guidelines applicable to REITs, those set forth in Part I, Item 1A - Risk Factors of the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2012 and other risks and uncertainties as may be detailed from time to time in the Company's public announcements and SEC filings. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The Company assumes no obligation to update such information.