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Filed Pursuant to Rule 424(b)(7)
Registration No. 33-80169
PRICING SUPPLEMENT NO. 7, dated February 14, 1997
This Pricing Supplement is used in reliance on Rule 434 under the Securities Act
of 1933, as amended (the "Act"), and supplements the Prospectus dated December
27, 1995 and the Prospectus Supplement dated January 3, 1996. For purposes of
Section 10(a) of the Act, the final prospectus relating to the securities
offered hereby consists of this Pricing Supplement, the Prospectus and the
Prospectus Supplement and the documents incorporated therein by reference.
$75,000,000
Associated Estates Realty Corporation
Medium-Term Notes Series VII
Fixed Rate Notes
Due from 9 Months or More From Date of Issue
Principal Amount: $10,000,000
Issue Price: 100%
Original Issue Date: February 20, 1997
Maturity Date: February 20, 2002
Interest Rate: 6.625%
Agent's Commission: .50%
Agent's Capacity: Agent
Net Proceeds to Company: $9,950,000
Agent: Lehman Brothers Inc.
This Pricing Supplement supplements the Prospectus and Prospectus Supplement
with respect to both (1) the initial offering of Medium-Term Notes Series VII
and (2) market-making transactions in Medium-Term Notes Series VII by Lehman
Brothers Inc.
