Editor's note: This is the third part of a three-part series analyzing real estate exposure to the finalist cities in the running for Amazon's second headquarters. This installment focuses on markets in the Central and Western U.S. Click here to view our analysis of finalists in the mid-Atlantic and Southeast U.S. and here to view our analysis of finalists in the Northeast.
Amazon.com Inc. received bids from cities nationwide when it announced its search for a location for its second headquarters in 2017.
In January, Amazon revealed the 20 finalists, and of these, seven are in the Central and Western U.S.: Austin, Texas; Chicago; Columbus, Ohio; Dallas; Denver; Indianapolis; and Los Angeles.
SNL-covered real estate companies own 14,435 properties in the greater metropolitan areas surrounding these cities, and of these assets, 14,115 are owned by REITs.
Many observers expect the multifamily sector in the chosen city to enjoy the greatest benefit from Amazon's second headquarters, as new workers flock to the area, stretching existing residential supply.
Among the Central and Western markets, the Los Angeles-Long Beach-Anaheim, CA MSA is home to the greatest number of multifamily properties owned by SNL-covered companies, at 256.
Essex Property Trust Inc. owns the most multifamily properties among SNL-covered companies in the area, with 78 multifamily properties aggregating 17,507 units. Equity Residential and AvalonBay Communities Inc. also have significant exposure to the market, owning 71 and 46 multifamily properties, respectively.
SNL-covered real estate companies have the least multifamily exposure to the Columbus, OH MSA, with only eight properties in the area aggregating 1,995 units. Steadfast Income REIT Inc. owns four multifamily properties in Columbus, while Independence Realty Trust Inc. owns three, and BRT Apartments Corp owns one.