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The portfolio consists of 2,200 units within 72 assets across 16 cities in Finland.

The deal has an enterprise value of $152.25 million. The acquisition, which is expected to close in October, includes a substantial corporation tax value of more than $13 million.

According to the terms of a plea agreement, the federal government will recommend Lynch receive a jail sentence within the range of 46 to 57 months.

In conjunction with the bankruptcy filing, the internally-managed REIT reports it has entered a stalking horse equity and asset purchase agreement with an entity owned by funds managed by affiliates of Fortress Investment Group of New York City with a bid of $174.4 million.

The mayor in her address outlined her administration's efforts to identify more than $100 million in savings and efficiencies over the first 100 days and the work that remains to balance next year's budget.

The deal caps annual rent increases at 5%, plus inflation, with a maximum of 10% per year.