Multifamily REITs are seeking failed condo projects to buy

Multifamily REITs are finding bargains in failed condominium projects, which often can be acquired for less than replacement costs. Equity Residential is buying a 550-unit building in Washington out of bankruptcy. Another example is Essex Property Trust, which just acquired two properties in California: the DuPont Lofts in Irvine and the Skyline at MacArthur Place in Santa Ana.

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