GE Capital Bid Wins RTC Apartment Units

General Electric Capital Corp. said it will pay $75 million for 5,589 apartments in 26 complexes put on sale by the Resolution Trust Corp.

The price amounted to $2.9 million per complex, or $13,419 per apartment unit.

The General Electric Co. unit also said it expects to close another deal with the thrift rescue agency.

The complexes, 20 of which are in Texas, were bought under the RTC's affordable-housing program. Ten of the complexes, with 1,956 units, will be set aside for low-and very-low-income buyers.

GE Capital submitted the highest bid in an auction that attracted more than 300 potential buyers.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.