Apartment Income REIT Sells New England Multi-Family Portfolio For $500M

Apartment Income REIT Corp AIRC has sold its New England portfolio of six communities with 1,314 apartment units for $500 million.
The disposition price represents a trailing twelve-month NOI cap rate of approximately 4.4%.
"Consistent with our paired trade philosophy and focus on accretive growth, we have enhanced our portfolio by reinvesting in approximately $1.7 billion of acquisitions (including Southgate Towers in Miami Beach under contract to close early in 2023), as well as reducing leverage,” said chairman John McGrath.
The company expects additional acquisitions to increase the Acquisition Portfolio (properties new to the AIR platform) from 17% of GAV to 30%.
Apartment Income REIT is a real estate investment trust focused on the ownership and management of apartment communities located in the largest markets in the U.S.
Price Action: AIRC shares are trading higher by 1.41% at $36.75 on the last check Monday.