Equity Residential Pays $280M For Chelsea Apt. Complex

Law360, New York (June 22, 2012, 2:13 PM ET) -- Chicago-based Equity Residential Inc., Sam Zell's apartment-focused real estate investment trust, has acquired a luxury residential development in Manhattan's Chelsea neighborhood from two local co-developers for roughly $280 million, the developers said Friday.

Equity Residential acquired The Beatrice, a 301-unit high-end rental development at 105 West 29th St., from JD Carlisle LLC and DLJ Real Estate Capital Partners LLC, according to the release. The remainder of the property, comprising the 292-room Eventi Hotel and a 529-space parking garage, was not included in the sale.

The $280...
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