Equity sells 27-property portfolio for $1.5 billion

Sam Zell’s Equity Residential said Monday that it would sell 27 properties to a joint venture including Goldman Sachs and Greystar Real Estate Partners, in a $1.5 billion deal, The News-Gazette of East Central Illinois reported. The two-part deal is set to close in this quarter. The deal includes roughly 8,000 apartment units, Some of which are located in Florida. Under the agreement, the buyer has the option of excluding up to 8 percent of the value of the assets from the transaction, meaning it would only need to buy $1.38 billion of the assets.[more]