Meanwhile, AMLI Residential Properties Trust is raising its goal of $150 million in acquisitions, showing the cautious optimism of this year's White Sox fans. "We are feeling better about our ability to accomplish more in acquisitions than we did three months ago," says president Allan J. Sweet, adding in a conference call the total this year could be as high as $300 million.
With no additions to the portfolio in the first quarter, AMLI nonetheless has made up for lost time, buying the 518-unit AMLI at Park Meadows in Denver for a reported $56 million before starting this month with the acquisition of the 194-unit AMLI Upper West Side in Fort Worth, TX.
Equity Residential has fared worse on the acquisition front, picking up 368 units in the first quarter for $26 million and another 264 units in April for $19.1 million. Equity Residential chief executive officer says his REIT's new target is $400 million as a result of continued wide bid-ask spread.
"I don't think we'll get anywhere near the $500 million unless things really open up at the end of the year," Crocker says in a conference call.
The $400 million in acquisitions would be in line with the REIT's 2001 purchases, which were far short of Crocker's $750-million goal.
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