Equity Residential to Sell Asset Portfolio and 2 Hot Stocks Turning Heads
Equity Residential (NYSE:EQR): Current Price $57.24
Apartment property developer Equity Residential (NYSE:EQR) announced its agreement to sell a portfolio of assets for $1.5 billion dollars to a joint venture between Goldman, Sachs & Co.(NYSE:GS) and Greystar Real Estate Partners LLC. According to the agreement, the joint venture must purchase not less than $ 1.38 billion worth of the assets although they have the contractual right to acquire all of them for $1.5 billion. “With this transaction we will have made significant progress selling assets in our exit markets and non-core assets in primary markets to fund our share of the acquisition of Archstone,” said David J. Neithercut, Equity Residential’s President and CEO. “Demand for multifamily assets remains very strong and we are pleased that our original pricing expectations were met by this transaction.”
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