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Equity Residential (NYSE: EQR) announced Oct. 26 that it has agreed to sell more than 23,000 apartment units in mainly suburban locations to private equity firm Starwood Capital Group for $ 5.37 billion.
The deal involves 72 properties located in South Florida, Denver, Washington, Seattle and California’s Inland Empire. The sale is expected to close in the first quarter of 2016. Starwood will pay approximately $ 230,634 per unit.
Ashford Hospitality Trust’s move (NYSE: AHT) to sell its select service hotel portfolio in order to focus on upper upscale properties has helped simplify the REIT’s strategy, according to chairman and CEO Monty Bennett.
“Our shareholders wanted clarity,” Bennett said in an interview with REIT.com. He said the decision marks a step toward creating well-defined, distinct strategies for the investment platforms operated by Ashford Inc. (NYSE: AINC), Ashford Trust’s advisor.
David Helfand, president and CEO of Equity Commonwealth (NYSE: EQC), joined REIT.com for a CEO Spotlight video interview during REITWeek 2015: NAREIT’s Investor Forum, held in New York.
Based in Chicago, Equity Commonwealth owns commercial office properties throughout the United States and Australia. In May 2014, a new board of trustees and management team were appointed to lead the company, formerly known as CommonWealth REIT. Equity International Chairman Sam Zell serves as chairman of Equity Commonwealth’s board.
David Schulte, president and CEO of CorEnergy Infrastructure Trust (NYSE: CORR), joined REIT.com for a CEO Spotlight video interview during REITWeek 2015: NAREIT’s Investor Forum, held in New York.
CorEnergy primarily owns midstream and downstream energy infrastructure assets that perform utility-like functions, such as pipelines, storage terminals, and transmission and distribution assets. CorEnergy is the first publicly traded infrastructure REIT focused exclusively on energy infrastructure assets.
Stuart Tanz, president and CEO of Retail Opportunity Investment Corp. (NASDAQ: ROIC), joined REIT.com for a CEO Spotlight video interview during REITWeek 2015: NAREIT’s Investor Forum, held in New York.
ROIC focuses on the ownership and management of grocery-anchored shopping centers located in densely populated, metropolitan markets across the West Coast.
John Chamberlain, president and CEO of American Assets Trust (NYSE: AAT), joined REIT.com for a CEO Spotlight video interview at REITWorld 2014: NAREIT’s Annual Convention for All Things REIT at the Atlanta Marriott Marquis.
American Assets Trust acquires and develops retail, office, multifamily and hospitality properties in high-barrier-to-entry markets, primarily in Southern California, Northern California, Oregon, Washington and Hawaii.
Matt Wokasch, vice president for advisory and consulting with Green Street Advisors, joined REIT.com for a video interview at REITWorld 2014: NAREIT’s Annual Convention for All Things REIT at the Atlanta Marriott Marquis.
Wokasch offered his opinion on the most influential trends affecting the REIT market in 2014. He noted that management teams of C corporations have been trying to monetize the value of their real estate holdings.
Faced with high prices for top-quality properties in primary markets, commercial real estate executives are looking to mid-tier assets and secondary markets to generate higher yields, according to a survey conducted by KPMG LLP.
Bill Owens, chairman and CEO of Owens Realty Mortgage, Inc. (NYSE: ORM), joined REIT.com for a CEO Spotlight video interview during REITWeek 2014: NAREIT’s Investor Forum, held in New York.
Owens Realty Mortgage invests in and manages middle-market commercial real estate mortgage loans, primarily in the western U.S., with a focus on unconventional loans that require speed and flexibility.
DDR Corp. (NYSE: DDR) and an affiliate of Blackstone Real Estate Partners VII said June 12 they have formed a third joint venture that will acquire 76 shopping centers currently owned by American Realty Capital Properties, Inc. (NASDAQ: ARCP) for approximately $ 2 billion.