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BNP Residential Properties Announces the Acquisition of The Place Apartments
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01/16/2005
CHARLOTTE, N.C.--March 13, 2003--BNP Residential Properties, Inc. (AMEX: BNP) today announced the acquisition of The Place Apartments in Greenville, South Carolina, for a contract purchase price of $5.6 million.
The 10.25-acre property contains 144 one and two bedroom apartment homes. The property also includes a swimming pool and tennis court. The acquisition was funded by the placement of a $4.56 million first deed of trust loan from Lend Lease Mortgage Capital, L.P. at 5.06% for a ten-year term. The remainder was funded by a draw on the Company's existing line of credit.
Company Overview: BNP Residential Properties, Inc. is a real estate investment trust focused on owning and operating apartment communities. Following the acquisition announced today, BNP now owns and operates 19 apartment communities containing a total of 4,571 apartments and provides third-party management services for 12 apartment communities containing a total of 2,727 apartments. In addition to the apartment properties, the Company owns 41 restaurant properties that are leased on a triple-net basis to a restaurant operator. The Company currently operates in the states of North Carolina, South Carolina and Virginia.
BNP Residential Properties, Inc. is structured as an UPREIT or umbrella partnership real estate investment trust. The Company is the sole general partner and owns a controlling interest in BNP Residential Properties Limited Partnership, the operating partnership. All of the Company's operations are conducted through the operating partnership.
More information may be obtained by calling the company's Corporate Offices at (704) 944-0100 or on the Internet through the company website at www.bnproperties.com. Information requests may be e-mailed to the investor relations department at [email protected].
