Big Developers Dabble in Apartment Market

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Wall Street Journal – By A.D. PRUITT And DAWN WOTAPKA

Some of the leading U.S. developers of malls and office properties are moving into the apartment business, where demand for new projects is stronger than any other commercial-real-estate sector.

Fueled by the decline in home ownership, the boom in apartment building is attracting commercial-property companies such as Boston Properties Inc., Mack-Cali Realty Corp., SL Green Realty Corp., Simon Property Group Inc. and Macerich Co. They all have either acquired, completed or broken ground on apartment buildings in recent months, or plan to do so next year.

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