Federal Realty Completes Sale of Levare Apartments at Santana Row

Core Insights - Federal Realty Investment Trust announced the sale of Levare, a 108-unit Class A residential building in Santana Row, San Jose, for $74 million, reflecting its long-term value creation strategy [1][2] - The property was 95% leased at the time of sale, indicating strong demand for high-quality multifamily assets in prime locations [2] - The transaction allows Federal Realty to reallocate capital towards higher-return opportunities, showcasing its ability to unlock value at the right time [2] Company Overview - Federal Realty, founded in 1962, focuses on sustainable growth through investments in communities with high retail demand, creating urban mixed-use neighborhoods like Santana Row [3] - The company manages 103 properties, encompassing approximately 3,500 tenants across 27 million commercial square feet and around 3,100 residential units [3] - Federal Realty has a record of increasing quarterly dividends for 57 consecutive years, the longest in the REIT industry, and is a member of the S&P 500 index [4]