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Equity Residential Completes Grove REIT Merger

CHICAGO-The nation's largest apartment REIT has completed its acquisition of Grove Properties Trust. The acquisition added 62 properties with 7,526 units to Equity Residential's portfolio, which now consists of over 225,000 units in 35 states.

By Ted Jackson | Updated on November 01, 2000

CHICAGO-Equity Residential Properties Trust, the nation’s largest apartment REIT, says it has completed its merger with Grove Property Trust, which was announced this summer.

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.

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