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Wednesday, 01 August 2018

Equity Residential Ups Sales, Acquisitions Targets

The Chicago apartment REIT is moving back into Denver as part of a broader portfolio rejiggering that will involve the purchase of $700 million of properties this year and the sale of an equal amount. Among the properties that will be sold is one in Manhattan's West Side that should fetch more than $400 million.

Commercial Real Estate Direct Staff Report

Equity Residential has increased the volume of properties it expects to buy and sell this year. It's also moving back into the Denver market, from which it had exited just more than two years ago.

The Chicago apartment REIT expects it will make $700 million of acquisitions and a like amount of dispositions this year. That's up from its earlier projection of $500 million apiece. The revised number is driven by the opportunities it's found. It already has some $500 million of potential investments under contract or in due diligence.

Its trading activity continues an effort by the company to further diversify its portfolio of 303 properties with 78,399 units. For instance, it's reducing its exposure to Manhattan's West Side area by selling a property for what it says will be more than $400 million. The property it has under agreement of sale is tied to a tax benefit that has a short-term fuse - just the type that Equity Residential is looking to unload. As the benefit burns off, the company will face...

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