Goldman RE Venture Pays $1.5B For Apartment Portfolio

Law360, New York (January 8, 2013, 5:00 PM EST) -- Equity Residential agreed Monday to sell 8,010 apartments to a joint venture of Goldman Sachs & Co. and Greystar Real Estate Partners LLC for $1.5 billion, in a deal that will help fund the real estate investor's November purchase of developer Archstone Enterprise LP.

The transaction, which covers 27 properties in five states and the District of Columbia, values the units at $187,000 each with a capitalization rate in the mid-to-high 5 percent range. It is expected to be completed in two separate closings in the...
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