Equity Residential Completes Grove REIT Merger

CHICAGO-The nation's largest apartment REIT has completed its acquisition of Grove Properties Trust. The acquisition added 62 properties with 7,526 units to Equity Residential's portfolio, which now consists of over 225,000 units in 35 states.

By Ted Jackson | November 01, 2000 at 01:01 AM

In payment for Grove's assets, which consist of 62 properties totaling 7,526 units, Equity Residential will pay $174.7 million in cash as well as issue 344,142 operating partnership units. As part of the deal, Equity Residential paid off approximately $46 million and assumed approximately $191 million of Grove debt.

Equity Residential now owns or has an interest in 1,102 properties consisting of 225,443 units in 35 states.

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