Massive Apartment Deals Demonstrate Value Of Apartment REITs

peeterv On August 7th, Equity Residential (EQR) bought 11 apartments with 3572 units from Blackstone (BX) for $964 million. The deal allowed EQR to expand its presence in 3 strong submarkets; Dallas, Denver, and Atlanta. EQR is a fine company, but its valuation is not particularly compelling at the moment. More interesting to me is what the valuation of the transaction means for the rest of the sector. The transaction price represents $270K per unit. At first, this appears to be average pricing, as the  ...