CHICAGO--(BUSINESS WIRE)-- Equity Residential (NYSE: EQR) today announced that the company has acquired 425 Mass (formerly known as The Dumont), a luxury Washington, D.C. apartment property in an all cash transaction for $167 million.

425 Mass is located in the Mount Vernon Triangle area of the District, just blocks from the Capitol, Judiciary Square, the Federal Triangle, K Street and Union Station. The property consists of two buildings featuring 559 apartment units, 2,954 square feet of retail space and 561 underground parking spaces. The purchase price values the apartment units at approximately $296,000 per unit and $343 per square foot of rentable apartment space.

The property, completed in 2009, was developed as a luxury condominium project with high quality unit finishes and amenities. Equity Residential purchased 100% of the units in each building, which are all currently unoccupied. The company has begun a comprehensive marketing and leasing campaign and expects a year three stabilized yield in excess of 8%.

"We are very pleased to add a brand new asset to our portfolio without construction risk and at a price well below replacement cost," said David J. Neithercut, Equity Residential's President and CEO. "This acquisition is a continuation of our strategy to acquire high-quality assets in core markets and is yet another example of the complex transactions that we are able to efficiently execute to create long term value for our shareholders."

Equity Residential now owns and operates 51 properties, consisting of 15,976 apartment units, in the Washington, D.C. Metro Area, including 3 properties consisting of 1,062 apartment units in the District.

Equity Residential is an S&P 500 company focused on the acquisition, development and management of high quality apartment properties in top U.S. growth markets. Equity Residential owns or has investments in 494 properties located in 23 states and the District of Columbia, consisting of 136,886 apartment units. For more information on Equity Residential, please visit our website at www.equityapartments.com.

    Source: Equity Residential