PALO ALTO, CA-Equity Residential is negotiating a deal to purchase the Woodland Park Apartments in East Palo Alto, California. An investment group, which bought the 1,800-unit complex in the middle of boom years, planned to increase rents but it ended up giving up the property in a foreclosure to Wells Fargo & Co.
Wells Fargo is negotiating to sell the complex for an undisclosed price to Equity Residential. However, city officials and residents have expressed grave concerns over the sale. For the full story, go to Wall Street Journal .
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