Apartment Income REIT Sells New England Multi-Family Portfolio For $500M

Apartment Income REIT Sells New England Multi-Family Portfolio For $500M
  • Apartment Income REIT Corp AIRC has sold its New England portfolio of six communities with 1,314 apartment units for $500 million.
  • The disposition price represents a trailing twelve-month NOI cap rate of approximately 4.4%.
  • "Consistent with our paired trade philosophy and focus on accretive growth, we have enhanced our portfolio by reinvesting in approximately $1.7 billion of acquisitions (including Southgate Towers in Miami Beach under contract to close early in 2023), as well as reducing leverage,” said chairman John McGrath.
  • The company expects additional acquisitions to increase the Acquisition Portfolio (properties new to the AIR platform) from 17% of GAV to 30%.
  • Apartment Income REIT is a real estate investment trust focused on the ownership and management of apartment communities located in the largest markets in the U.S.
  • Price Action: AIRC shares are trading higher by 1.41% at $36.75 on the last check Monday.

Posted In: BriefsM&ANewsAsset SalesGeneral