Equity Residential has a long-stated goal to exit markets around the country. Under CEO David Neithercut, it sold in the Midwest and the Southeast in an effort to fortify its portfolio in high-growth coastal markets. But now, it’s also leaving some of those coastal markets. Last week, the company announced that it sold its last two apartments in Portlandia.
As EQR departed the City of Roses by selling 818 units for $111.5 million, Chicago neighbor Waterton Associates (led by EQR alum David Schwartz) enters the market with the addition of the 554-unit LaSalle. EQR’s other sale went to Walnut Creek, Calif.,-based Sequoia Equities, who paid $34.32 million for 264-unit Center Pointe.