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Equity Residential Focuses on City

CHICAGO-The locally based multifamily rental REIT is planning a 278-unit, $70-million South Loop project after selling 1,221 suburban units for $186.7 million in the first quarter in Lake Zurich, Lombard and Palatine.

By Mark Ruda | Updated on May 04, 2006

(To read more on the multifamily market, click here.)

CHICAGO-Locally based Equity Residential continues to reduce its exposure in the multifamily rental market, but is hardly exiting the area. While selling 1,221 suburban units for $186.7 million in the first quarter, the multifamily REIT says it hopes to begin a 278-unit, $70-million project in the South Loop, with an opening expected in late 2007.

Equity Residential president and chief executive officer David J. Neithercut says the company paid $6 million for a site, and will build the South Loop project with a joint venture partner. The development is expected to yield a return in the “high 6%” range, Neithercut adds during the company’s earnings conference call Wednesday.

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