Amid increasing transaction intensity, REITs continue to add units
With New York-based commercial real estate research firm Real Capital Analytics (RCA) saying the apartment industry’s transaction pace in the multifamily has increased for the fifth consecutive month, REITs continue to add assets. The REIT acquisition beat continued this week with Chicago-based Equity Residential announcing it had bought a 40-story high-rise with 679 apartment units, 26,425 square feet of retail space, and 968 underground parking spaces in downtown San Diego. The buy wrapped up a frenzied September where public apartment firms, led by some mid-sized players, made buys all over the map. But they weren’t alone—RCA says sales of significant apartment properties totaled $2.6 billion in August. That was better than July’s figure by more than 25 percent.