Now that Equity Residential has all those new Archstone properties, it has decided to do some housekeeping and trim its portfolio.
When the Archstone deal went down, Equity said that the addition of more than 23,000 new units meant it would speed up its disposition of older properties in non-core markets due for renovation, like those in the Southeast.
And this is music to the ears of Tampa, Fla.-based Elco Landmark Residential, which bought four of Equity’s Florida assets with renovations in mind in early December for nearly $100 million. Three of the properties are located in Jacksonville, totaling 882 units and one 252-unit property in Orlando.
Then, at the end of December, Elco teamed with Timbercreek Asset Management to buy four communities from Birmingham, Ala.-based Colonial Property Trust. All told, this adds another 1,380 units to Elco’s portfolio for $95.4 million.
These large deals close out a very active 2012 for Elco, which back in August inked a recapitalization deal with Oakton, Va.-based Apartment Trust of America for $536.5 million, covering 6,100 units valued at $485 million.