Equity Residential to Sell 23,000 Apartment Units to Starwood Capital Group for $5.365B

Equity Residential

today announced that the company has entered into an agreement to sell 72 properties consisting of 23,262 apartment units to Starwood Capital Group, through a controlled affiliate, for $5.365 billion, or approximately $230,634 per unit on average, and a capitalization rate of 5.5%. The sale is expected to close in the first quarter of 2016. "This is an extremely opportune time for Equity Residential to monetize our investments in this portfolio of assets," said David J. Neithercut, Equity Residential's President and CEO. "In doing so, not only have we demonstrated the enormous value created for our shareholders through the realization of an unlevered internal rate of return of 11.1%, but we have