In payment for Grove's assets, which consist of 62 properties totaling 7,526 units, Equity Residential will pay $174.7 million in cash as well as issue 344,142 operating partnership units. As part of the deal, Equity Residential paid off approximately $46 million and assumed approximately $191 million of Grove debt.
Equity Residential now owns or has an interest in 1,102 properties consisting of 225,443 units in 35 states.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
