- Equity Residential's portfolio of multifamily properties is the most urban relative to all other pure multi-family REIT plays.
- Its properties in urban markets like San Francisco, Boston and New York have underperformed relative to more suburban areas.
- Equity Residential's acquisition of Notch Apartments, in Newcastle, WA, is an indicator that the REIT assesses the underperformance in its urban core markets may continue beyond the pandemic.
- Notch Apartments is located in a zip code that is 4.5x less dense than the average zip code in the Equity Residential portfolio. This purchase is a departure from the REIT's previous acquisition strategy targeting high density urban centers that began with the disposition of 72 properties to Starwood Capital in 2015.
For further details see:
Why You Should Care About Equity Residential's Most Recent Acquisition