REITs Make Big Sales in 2015
Digested from “Multifamily REITs Cash In”
National Real Estate Investor (11/3/15) Anderson, Bendix
Equity Residential made headlines last month with its decision to sell a large portion of its portfolio to Starwood Capital Group. But although it’s been the most prominent seller, it’s not the only real estate investment trust (REIT) that’s been making large transactions this year.
For example, AvalonBay Communities sold a 328-unit apartment community in New Jersey for $99 million. Camden Property Trust — which is no stranger to headlines — sold a 260-unit apartment community in Florida for $33 million. And Essex Property Trust redeemed a preferred equity investment in an apartment community in the hot market of San Jose, California, for $21.9 million.
Although they’re lagging following an impressive performance in 2014, REITs continue to be strong market performers this year.