N E W S R E L E A S E - ASB Real Estate Investments

 N E W S R E L E A S E For ASB Real Estate Investments Mary Beth Ryan, Miller Ryan LLC Phone: (203) 268‐0158 ASB ACQUIRES TWO CLASS A SEATTLE APARTMENT PROJECTS FOR $90 MILLION
Seattle—April 1, 2015—After completing separate transactions, ASB Real Estate Investments announced today the acquisition of two new Class A rental apartment buildings in the burgeoning Capitol Hill neighborhood for $90 million, the company’s first investments in the Seattle market. ASB made the purchases on behalf of its Allegiance Fund, a $5 billion core investment vehicle. Located within three blocks of each other in the highly walkable Pike‐Pine corridor just east of downtown, the two buildings were completed last year and have leased up quickly, benefiting from demand in a convenient 24‐hour neighborhood with scores of restaurants and stores as well as proximity to numerous modes of mass transit with direct access to key employment hubs. The two properties are: 
REO Flats (1525 14th Avenue), a seven‐story, residential building with 108 units, which is 94% leased. Apartments offer high‐end finishes, open floorplans with floor‐to‐ceiling windows, a rooftop deck, an on‐site fitness center, and skyline views. The property also includes 7,241 square feet of retail space which is 100% leased to two restaurants, a coffee shop, and a sustainable toxin‐free dry cleaner. ASB purchased the property from a joint venture of Madrona Real Estate and Glenmont Capital Management. 
Sunset Electric (1111 East Pine St.), a LEED Platinum‐certified, seven‐story building with 92 apartment units, which is 98% leased. The residences feature high‐end finishes, open floorplans with expansive windows, a rooftop deck, an open courtyard, and skyline views. The building also includes nearly 6,000 square feet of retail, which is 100% leased to a popular restaurant. The seller was the Wolff Company. David Quigley, CIO of ASB Real Estate Investments, said: “These acquisitions fit within our overall portfolio strategy to invest in dynamic urban neighborhoods and commercial districts in leading U.S. cities. Capitol Hill is one of Seattle’s most attractive places to live for millennials—it’s extremely pedestrian friendly and convenient to the employment centers in downtown and South Lake Union. Seattle, meanwhile, commands one of the country’s healthiest local economies, and ASB is pleased to gain a beachhead in the market.” About ASB Real Estate Investments ASB Real Estate Investments (ASB), a division of ASB Capital Management, LLC, is a leading U.S. real estate investment management firm, managing $5.7 billion* in gross assets under management for over 300 institutional clients. Headquartered in Washington DC, ASB invests in major urban markets across the country, concentrating in office, multifamily, retail and industrial properties. ASB manages the ASB Allegiance Real Estate Fund, its sole vehicle for core investing; the ASB Meridian Real Estate Fund, a low‐
leverage value creation vehicle; and a development separate account. For more information about the company, visit www.asbrealestate.com. * As of 12/31/2014. # # # The information provided in this release does not constitute an offer to sell or buy securities or the solicitation of an offer to sell or buy securities.