Equity Residential (EQR), the largest fully integrated publicly traded multi-family real estate investment trust (REIT) in the U.S., has recently started to lease up the second tower of 425 Mass Apartment community in the Mount Vernon Triangle region of Washington, D.C. Move-ins to this new building are expected to commence from mid-November 2010.
 
The 559-unit apartment community is currently 50% leased. Equity Residential has decided to lease up the facility well ahead of schedule in view of the tremendous response it received for the first phase of the community. The company has also introduced new floor plans and additional common area amenities to the marketplace.
 
The apartment is the first smoke-free rental community in Downtown Washington, D.C., and is strategically located in the heart of Mount Vernon Triangle with an endless array of shopping, dining and entertainment options. The community offers a sleek design, floor-to-ceiling or bay windows, hardwood flooring and gourmet kitchens with granite countertops in each apartment home.
 
In addition, the apartment features amenities such as two rooftop pools with private garden retreats, concierge services and garage parking. Each tower of community will feature a state-of-the-art fitness center, business center and conference room. The new building will also showcase a game room, rooftop entertainment areas including grilling stations, a large screen television and Wi-Fi seating areas with incredible views of the Capitol and the Washington Monument.
 
The housing meltdown will continue to help apartment REITs like Equity Residential and we expect this sector to remain relatively stable in the coming quarters. Furthermore, the company has a fully implemented state-of-the-art operating platform that enables it to manage the operations on a real-time basis and deliver market-leading performance. We maintain our long-term Neutral recommendation on Equity Residential, which currently has a Zacks #3 Rank that translates into a short-term ‘Hold’ rating.
 
 
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