Equity Residential (NYSE:EQR) is looking for acquisitions. Mark Parrell, President and CEO said, "Acquisitions are next. We do hope to buy more.

We have guidance of $1 billion of acquisitions. We bought $60 million year-to-date. So we'll have to pick that pace up to hit our number.

And it's certainly possible to do that in a larger portfolio fashion, and we'll remain open to that. But we think the acquisition market is coalescing around a 5% to 5.25% cap rate for our kind of assets. This is a forward cap rate.

So looking at the higher-end product, we want to buy either in the suburbs of some of our coastal markets or in the expansion markets, again, Denver, Dallas, Austin and Atlanta. So to buy those assets at that cap rate is a little challenging because our cost of capital, which is mostly defined as the cost of debt for us, is a little bit higher than that right now. But I'd say to you that, that dilution is not significant and that the discount we can acquire on that to replacement cost".