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11,000-plus REIT properties near Amazon's mid-Atlantic, Southeast HQ2 finalists

Editor's note: This article is the first part of a three-part series analyzing real estate exposure to the finalist locations in the running for Amazon's second headquarters. This installment focuses on markets in the mid-Atlantic and Southeast U.S.

Amazon.com Inc. ignited a national competition last year when it announced it was scouting a site for its second headquarters.

With the promise of up to 50,000 high-paying jobs and plans to spend $5 billion developing the property, cities from coast to coast submitted bids to host the e-commerce giant's so-called HQ2.

In mid-January, Amazon announced the 20 finalist locations. In the mid-Atlantic and Southeast, these finalists included Atlanta; Miami; Montgomery County, Md.; Nashville, Tenn.; Northern Virginia; Raleigh, N.C.; and Washington, D.C.

SNL-covered real estate companies own 11,856 properties in these cities' greater metropolitan areas.

By property type, many believe the multifamily sector stands to enjoy the greatest direct impact from the new headquarters, as new workers transplanted to the winning city will stretch existing residential inventory.

SNL-covered real estate companies own 208 multifamily properties in the Washington-Arlington-Alexandria, DC-VA-MD-WV metropolitan statistical area, the largest metro area by population among those under consideration in the mid-Atlantic and Southeast. Among SNL-covered apartment companies, Equity Residential owns the most multifamily properties in the market, with 48 properties with a total of 15,811 apartment units. Other real estate investment trusts with significant multifamily exposure to the area include AvalonBay Communities Inc., UDR Inc. and Apartment Investment and Management Co.

In the Miami-Fort Lauderdale-West Palm Beach, FL MSA — the second-largest metro area by population among those under consideration in the mid-Atlantic and Southeast — SNL-covered real estate companies own 35 multifamily properties. Camden Property Trust owns the most apartment properties in the market, with eight assets. Morguard Corp. and AIMCO each own six apartment communities in the metro area.

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