BRE Properties is a San Francisco-based real estate investment trust firm. The company is focused on the development, management and purchase of apartment communities that are located in major metropolitan markets in North and South California areas and Seattle. BRE directly owns 21,126 homes. The company also has a joint venture interest in an additional apartment community and is listed on the S&P MidCap 400 Index.

BRE Properties confirmed receiving a letter of interest from an investor early morning of July 31. The investor letter showing interest for the leading owner, developer and operator of high-quality apartment communities in Seattle and California came from Land and Buildings, an investment fund operator.

Land and Building has informally expressed its interest with BRE last June. During this time, BRE also responded by requesting information from Land and Buildings regarding its funding source. Land and Buildings operates an investment fund with less than USD200 million under its management.