Summary
This 8-K filing reports on the completion of a significant asset disposition by Equity Residential (EQR). On October 5, 2006, the company, through its subsidiaries, successfully sold its Lexford housing division to affiliates of Empire Group Holdings LLC. The sale involved 289 properties comprising 27,115 apartment units and the associated property management business. This transaction generated a substantial cash purchase price of $1,086,000,000.
Key Highlights
- 1Equity Residential completed the sale of its Lexford housing division on October 5, 2006.
- 2The buyer is affiliates of Empire Group Holdings LLC.
- 3The sale price was $1,086,000,000 in cash.
- 4The transaction involved 289 properties with a total of 27,115 apartment units.
- 5The properties were built between 1976 and 1989 and are located across 10 states.
- 6The sale also included the Lexford property management company and its approximately 800 employees.
- 7This disposition represents a strategic move to divest a specific portfolio of assets.
Frequently Asked Questions
Equity Residential, through its subsidiaries, sold its entire Lexford housing division, which included 289 properties with 27,115 apartment units and the Lexford property management company.
The division was acquired by affiliates of Empire Group Holdings LLC, a privately held company.
The total cash purchase price for the Lexford housing division was $1,086,000,000.
The transaction was completed on October 5, 2006.