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CLEVELAND, Aug 13, 2009 (GlobeNewswire via COMTEX News Network) -- Associated Estates Realty Corporation (NYSE:AEC) (Nasdaq:AEC) announced today that Jason A. Friedman will be joining the company in the capacity of Vice President, Construction and Development.
In this role, Friedman will be responsible for the Company's in-house construction and redevelopment projects and will oversee Merit Enterprises, a REIT subsidiary originally established in 1984 to provide professional apartment suite painting and renovation/repair services. He will also be responsible for expanding Merit Enterprises into a full line general contractor.
"Redevelopment activities are expected to be a larger part of our business over the next few years as we position certain properties to benefit from anticipated improving market conditions," said Jeffrey I. Friedman, president and chief executive officer. "We also expect ground-up opportunities, which we will once again be able to take advantage of, because of Jason's construction experience."
Friedman, 35, joins Associated Estates from his company, JAS Construction, a general contractor headquartered in suburban Cleveland. JAS specialized in multifamily renovations and has performed work for Associated Estates and other major apartment operators. "Jason will fill an important position. I am very excited about the opportunity to work with one of my children," Jeff Friedman added.
Associated Estates is a real estate investment trust ("REIT") and is a member of the Russell 2000. The Company is headquartered in Richmond Heights, Ohio. Associated Estates' portfolio consists of 50 properties containing 12,451 units located in eight states. For more information about the Company, please visit its website at www.AssociatedEstates.com.
The Associated Estates Realty Corporation logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=5181
This news release was distributed by GlobeNewswire, www.globenewswire.com
SOURCE: Associated Estates Realty Corporation
Associated Estates Realty Corporation Media Contact: Kim Kanary, Director of Corporate Communications (216) 797-8718 kkanary@AssociatedEstates.com
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