Summary
Equity Residential (EQR), through its operating partnership ERP Operating Limited Partnership, has entered into a significant acquisition agreement for three high-rise apartment towers known as Trump Place, located on the Upper West Side of Manhattan. The transaction, valued at approximately $816 million, involves 1,325 apartment units, substantial retail space, and parking facilities. This acquisition is a key move for EQR to expand its portfolio in a prime urban market. This acquisition is contingent upon the successful closing of a larger, overarching transaction where The Carlyle Group and Extell Development Company are acquiring these properties and adjacent developable land from a consortium of Hong Kong investors and Donald J. Trump. Investors should note that the transaction is subject to standard closing conditions and is anticipated to finalize in the third or fourth quarter of 2005. While this represents a substantial investment, its completion is tied to multiple parties and conditions.
Key Highlights
- 1Equity Residential to acquire three high-rise apartment towers (Trump Place) in Manhattan for approximately $816 million.
- 2The acquired properties consist of 1,325 apartment units, 40,000 sq ft of retail space, and 424 parking spaces.
- 3The transaction is part of a larger deal involving The Carlyle Group and Extell Development Company purchasing the Trump Place properties and developable land.
- 4The acquisition is subject to customary closing conditions.
- 5The closing of this transaction is dependent on the successful closing of the larger deal between The Carlyle Group, Extell, and the sellers.
- 6Anticipated closing period for the acquisition is the third or fourth quarter of 2005.