AREA Property Partners Acquires Multifamily Property in Plano, Texas

NEW YORK, Dec. 21, 2010 /PRNewswire/ -- AREA Property Partners has acquired the Giovanna Apartment Homes, a 730-unit multifamily rental property in Plano, Texas for $54.5 million, the firm announced.  The seller of the property was not disclosed.

The Giovanna, located at 1800 East Spring Parkway, offers one, two and three-bedroom apartments with a variety of amenities in a garden-style complex.  Amenities include four swimming pools, a 24-hour fitness center, dry sauna, steam room, volleyball courts, and a gaming and entertainment room.  

"The acquisition of the Giovanna continues AREA's strategy of investing in properties and markets with strong growth potential and excellent demographics," said John Jacobsson, AREA partner.  "We have a plan to improve operations and to make the Giovanna one of Plano's most desirable communities."

Giovanna residences feature gourmet kitchens and other luxurious appointments.  Its convenient location off the North Central Expressway is close to restaurants, shopping and entertainment.

About AREA Property Partners

AREA Property Partners, formerly known as Apollo Real Estate Advisors, is a leading international real estate investor and fund manager on behalf of prominent government and corporate pension funds, sovereign wealth funds, insurance companies, foundations, endowments, and high net worth individuals.  Since the firm's founding in 1993, AREA Property Partners has overseen the establishment of multiple real estate funds and joint ventures totaling $13 billion in equity commitments for investments in the United States and globally.  Its funds have collectively invested in over 500 transactions with an aggregated value in excess of $60 billion. The firm has offices in New York, Atlanta, Los Angeles, San Francisco, London, Paris, Luxembourg and Mumbai.  The firm's Web site is www.areapropertypartners.com.

SOURCE AREA Property Partners