BRE Properties, Inc. ( BRE ) – an apartment real estate investment trust (:REIT) – announced the divestiture of 2 communities – Summerwind Townhomes and Arcadia Cove – in Los Angeles and Phoenix, respectively. The properties that were sold last month reflect the company's strategy of offloading non-core assets and using the proceeds to fund its core development pipeline. Financial Aspects The vending of these unencumbered properties helped the company generate a net profit of about $22 million. Specifically, the sale of Summerwind Townhomes- which was fully owned by BRE Properties – generated total proceeds of $46.8 million. On the other hand, the Arcadia Cove communities – where BRE properties had 15% interest – lead to total proceed of $6.0 million.