(To read more on the multifamily market, click here.)
CHICAGO-Locally based Equity Residential continues to reduce itsexposure in the multifamily rental market, but is hardly exitingthe area. While selling 1,221 suburban units for $186.7 million inthe first quarter, the multifamily REIT says it hopes to begin a278-unit, $70-million project in the South Loop, with an openingexpected in late 2007.
Equity Residential president and chief executive officer DavidJ. Neithercut says the company paid $6 million for a site, and willbuild the South Loop project with a joint venture partner. Thedevelopment is expected to yield a return in the "high 6%" range,Neithercut adds during the company's earnings conference callWednesday.
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