Equity Residential Engages in Massive Residential Shopping Spree
- Nov 18, 2011
East Palo Alto is on the verge of selling more than half of its rental stock to one of the nation’s largest landlords. If that doesn’t sound noteworthy, consider the number of apartments that are part of the massive residential deal: 1,812, enough to spur local controversy over whether the buyer, Equity Residential, will seek to modify local rental policies.
The Chicago-based landlord has previously supported an initiative to repeal rent-control laws across the entire state of California – hence, the chatter. However, the San Mateo County Times reports, company officials claim that Equity will not interfere with East Palo Alto laws in that respect. And they say they will not even look to redevelop the properties that will enter its custody when the deal is finished.
Moreover, Equity’s vice president of investments for Northern California said it will invest as much as $15 million to improve the quality of the buildings. The units, collectively dubbed the Woodland Park Apartment Community, traded for an undisclosed amount despite a number of protests organized by a number of tenants aimed at the company’s purchase policies.
In other real estate news, the historic De Lauer’s Super News Stand building located at 1310 Broadway in Oakland also recently traded hands. The buyer spent $1.2 million for the building that houses one of the city’s oldest news outlets. Owned until recently by the De Lauer family, who sold it to employees, the news agent offers local, national and international newspapers as well as books, magazines and school supplies, the San Francisco Business Times reported.