Core Insights - The current environment for apartment REITs is challenging, with private investors valuing real estate higher than public markets, leading some smaller firms to consider selling their portfolios [1][2] - Larger REITs face difficulties in acquiring new properties due to the disparity in public versus private valuations, although it remains unlikely for them to sell to private investors [2] - REITs are adjusting their acquisition strategies, with some raising guidance based on Q3 activity while others, like Equity Residential, have lowered their acquisition and disposition guidance for the year [3] Company Activities - AvalonBay Communities made three acquisitions in Q3: 274-unit Avalon at Palisades for $72.3 million, 270-unit Avalon Coconut Creek for $99 million, and 40-unit Redmond Campus II for $15.7 million [5] - AvalonBay also sold six communities totaling 1,594 units for $585.1 million, including properties in Washington, D.C., Redmond, and Brooklyn [6]