Skip navigation

Equity Residential Sells Apartment Company

Apartment REIT Equity Residential has sold its Lexford Housing Division to an affiliate of Empire Group Holdings for roughly $1.09 billion, reports SNL Financial. The Lexford Housing Division, which Equity Residential bought in 1999 for $738 million, consists of 289 properties with a total of 27,115 apartment units.

The division also includes a Columbus, Ohio-based property management business with 800 employees. The Lexford properties are scattered across 10 states.

According to SNL Financial, a Charlottesville-based financial data firm, Equity Residential expects to book a total gain of $430 million on the sale. It will also receive roughly $850 million in net sale proceeds after closing expenses and repayment of approximately $210 million of secured debt.

Hide comments

Comments

  • Allowed HTML tags: <em> <strong> <blockquote> <br> <p>

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.
Publish