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RICHMOND HEIGHTS, OH-Associated Estates Realty Corp. is selling12 properties and exiting 30 more management contracts tocompletely divest itself of affordable apartment housing propertiesby March 2009. The REIT manages 4,816 units of Low Income HousingTax Credit, Section 8 and Section 202 housing properties, and owns1,254 Section 8 units.

The company-owned properties, all in northeast Ohio, are now forsale, says a company spokesman, including the pictured Sutliff TwoApartments, a 185-unit senior housing property in Cuyahoga Falls.He tells GlobeSt.com that he can't say the amount the firm will askfor the 1,254 units. In the REIT's 2007 outlook in its secondquarter report, the company says it expects to acquire $90 millionto $150 million of properties in 2007, and to dispose of $100million to $150 million of properties, as part of a long-term planto shed non-core assets and move into higher growth markets. Intotal, the REIT owns or manages 99 multifamily, totaling almost20,000 units in 10 states, at occupancies in the 90s.