Equity Residential Ups Stake in Four Properties

FOSTER CITY, CA-Equity Residential Properties Trust has acquired a controlling interest in four apartment home communities built during the past three years in California, Colorado and Washington from joint venture partner Legacy Partners.

The communities include: Bella Vista at Warner Center, a 315-unit community in Woodland Hills, CA, along with a 5.39-acre development parcel; The Savoy at Hampden Town Center, a 444-unit community in Aurora, CO, as well as a 5.6 acre adjacent parcel; Providence, a 200-unit community in Bothell, WA; and The Olympus, a 327-unit community in Seattle, WA. Legacy will continue to manage the properties through June.

Equity declined to provide the cost of the transaction or how much of a stake it actually acquired in each property. According to SEC filings, Equity covered between 25% and 30% of the cost of developing each of the properties. The Olympus cost $89.3 million to develop, according to SEC filings, while the Bella Vista cost $80.9 million, the Savoy cost $44.8 million and Providence cost $24.4 million.