The Toledo portfolio was comprised of four properties built between 1973 and 1990, consisting of 1,060 units. The sale price reflects an overall capitalization rate of 7 percent, based on trailing 12 month net operating income and after $800 in capital expenditures and a 3 percent management fee.

"These sales are consistent with our plans to exit certain markets," said Jeffrey I. Friedman, president and chief executive officer. The Company expects to use the proceeds from the sale to either acquire properties, pay down debt or for general corporate purposes.

Associated Estates Realty Corporation (AEC), based in Richmond Heights, Ohio, is a real estate investment trust ("REIT") and is a member of the Russell 2000 Index. AEC's portfolio now consists of 53 properties containing 13,011 units in nine states. For more information about the Company, please visit its website at www.aecrealty.com .

    For more information, please contact:

    Michael Lawson
    Vice President of Investor Relations
    216-797-8798
    mlawson@aecrealty.com