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REIT Helping Turn Renters Into Homeowners

DETROIT-A free "rent with equity" program sets aside 20% of rent for new home purchases for tenants in one of multifamily REIT Equity Residential Properties Trust's developments to buy homes built by Crosswind Communities.

By Robert Carr | Updated on July 20, 2001

DETROIT-Chicago-based apartment REIT Equity Residential Properties Trust and Crosswind Communities have announced a groundbreaking Rent With Equity program to the area. It will provide Michigan residents with the opportunity to earn a credit, equal to 20% of their monthly base rent, that can be applied for up to 3% of the purchase price of a new home built by Crosswind Communities.

With 22 properties comprising more than 3,697 apartments, Equity Residential’s Rent with Equity program provides close to 5,300 Wayne, Livingston, Washtenaw, Macomb, and Oakland County residents with a new way to attain the proverbial “American Dream,” according to company officials.

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