The late summer brought news that a few smaller apartment REITs had decided to scale down their portfolios.
Jersey City, New Jersey-based Veris Residential, Bethesda, Maryland-based Elme Communities and Denver-based Aimco announced notable multiproperty sales after those REITs announced earlier in the year that they were exploring strategic options.
Toronto-based Dream Residential REIT made an even bolder move, selling 3,300 units across 15 properties in Texas, Ohio, Kentucky and Oklahoma to King of Prussia, Pennsylvania-based apartment owner Morgan Properties in an all-cash transaction.
Even a larger REIT, AvalonBay Communities, got into the act, although its circumstances are quite different, as it works to shift more of its portfolio into the Sun Belt. The Arlington, Virginia-based firm announced the sale of four properties in Washington, D.C., to Potomac, Maryland-based real estate development and investment firm Foulger Pratt.
Below is a roundup of the top deals of August.