David Neithercut, CEO of Equity Residential (NYSE: EQR), joined REIT.com for a CEO Spotlight video interview at NAREIT's 2017 Washington Leadership Forum at The Hay-Adams.
During 2016, Equity Residential sold 98 consolidated apartment properties for approximately $6.8 billion.
Neithercut described the transactions as a “great strategic move” and a unique opportunity to “take advantage of a lot of money looking for multifamily assets.” The company is now focusing on its core coastal markets, he added.
Transaction volume in 2017 will be “nothing like you saw in 2016,” Neithercut said, although the company will continue to look for opportunities to recycle capital into higher-return assets.
Neithercut also commented on the impact that technology has played on virtually every aspect of how the company runs its apartment properties.