Equity Residential Lands $350M Refi for 5 Communities
This portfolio totals more than 1,600 units across three major markets.
Equity Residential has landed a major refinancing for its portfolio of five communities located across the U.S. Regions Bank arranged the $350 million, fixed-rate, 10-year Fannie Mae credit facility.
The portfolio includes five Class A mid-rise communities totaling 1,623 units. According to Regions Bank, the communities’ vintages range between 1968 and 2019, while the overall portfolio has an occupancy rate of 95.9 percent. Equity Residential Management has been given the role of property manager for each of the communities.
In Washington, D.C., the portfolio includes The Flats at Dupont Circle Apartments, which offers studio and one- and two-bedroom units. The apartments are located in the city’s Dupont Circle neighborhood, providing residents with quick access to nearby retail, restaurant and transit options.
In the Seattle area, Equity Residential refinanced Mark on 8th Apartments and Notch Apartments. Located in Seattle’s South Lake Union neighborhood, Mark on 8th Apartments offers studio and one- and two-bedroom units within walking distance of popular attractions like the Space Needle. The Notch Apartments also offers studio and one- and two-bedroom units, but are in the Newcastle, Wash., suburb of Bellevue.
In the San Francisco area, the portfolio includes both SoMa Square Apartments and Park Place at San Mateo Apartments. SoMa Square Apartments offers studio and one-, two- and three-bedroom units near downtown San Francisco. Further south, Park Place at San Mateo Apartments offers one-, two- and three-bedroom units near downtown San Mateo.
Rentals across the U.S.
The Chicago-based Equity Residential has built up a portfolio of rental apartment communities across the U.S. totalling more than 78,000 units. The multifamily firm focuses on urban and high-density suburban locations, with several communities in New York, Washington, D.C., Boston, Seattle, Denver, Atlanta, California and Texas.
Last month, Equity Residential sold the 280-unit Somerset Village in Chatsworth, Calif. for $106.7 million after more than 25 years of ownership. Earlier in the year, the firm bolstered its multifamily presence in San Diego by acquiring Jefferson Pacific Beach from JPI Cos. That San Diego acquisition came on the heels of Equity Residential’s February acquisition of two communities in Denver, Colo.