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November 21, 2007
PRESS RELEASE: Forest City Closes on Acquisition of Nearly 3,000 Military Family Housing Units in Navy's Northwest Region
Via Ad Hoc News:
Forest City Enterprises, Inc. (NYSE:FCEA) (NYSE:FCEB) today announced that its Forest City Military Communities, LLC subsidiary has closed on the previously announced acquisition of 2,985 military family housing units in the U.S. Navy's Northwest Region.
The Navy's Northwest Region encompasses multiple neighborhoods associated with three Naval Installations in the Puget Sound area of the state of Washington. Forest City assumes responsibility for demolition, renovation and new construction of homes, representing approximately $158 million in development costs remaining to completion, as well as property management. The acquisition of the Navy Northwest units and ancillary facilities from American Eagle Communities brings Forest City's military housing Portfolio to more than 11,900 permanent units.
Posted by lumi at November 21, 2007 4:24 AM