X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

CHICAGO-Equity Residential Properties Trust, the nation’s largest apartment REIT, says it has completed its merger with Grove Property Trust, which was announced this summer.

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

 

GlobeSt. APARTMENTS Fall 2021Event

Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.