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NEW YORK CITY-Equity Residential has added 600 Washington St., a 135-unit apartment, to its local portfolio. The firm acquired the two-year-old West Greenwich Village complex for approximately $75 million from locally based JD Carlisle, led by Jules Demchick.

The purchase price works out to be approximately $516,000 per apartment unit, or $935 per sf, of rentable apartment space. The capitalization rate on the acquisition is approximately 4.65%.

The seven-story mid-rise has an apartment mix of 99 studios, 23 one-bedroom and 13 two-bedroom units. The property also contains four retail stores comprising approximately 6,700 sf. "600 Washington is a high-quality asset located in an area of Manhattan that is very desirable to both renters and condominium buyers and has high barriers to entry for new apartment construction," says David J. Neithercut, Equity Residential's president and chief executive officer.