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Equity Residential Focusing on South Florida

FORT LAUDERDALE, FL-The Chicago-area real estate investment trust acquired at least seven multifamily properties last year primarily in Broward and Palm Beach--two counties that fit the company's targeted demographics. Fort Lauderdale is 26 miles north of Miami.

By David R. Corder | Updated on March 22, 2001

FORT LAUDERDALE, FL-Of all 53 properties it divested last year, Equity Residential Properties Trust sold only two of its multifamily holdings in all of South Florida.

Just through the nine months ended Sept. 30 last year, the Chicago-based real estate investment trust acquired at least seven multifamily properties, containing about 1,253 units, primarily in Broward and Palm Beach counties–two locations that fit the company’s targeted demographics for acquisition or development.

The company acknowledges South Florida remains high this year on its priority list for growth. Such acknowledgement comes as the company recently issued $300 million in highly rated senior unsecured notes to reduce bank borrowings and mortgage debt–a move that complements its overall U.S. growth strategy.

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