16 CFR §802.5

1. (a)Acquisitions of investment rental property assets shall be exempt from the requirements of the act.
2. (b)Investment rental property assets. “Investment rental property assets” means real property that will not be rented to entities included within the acquiring person except for the sole purpose of maintaining, managing or supervising the operation of the real property, and will be held solely for rental or investment purposes. In an acquisition that includes investment rental property assets, the transfer of any property or assets that are not investment rental property assets shall be subject to the requirements of the act and these rules as if they were being acquired in a separate transaction. Investment rental property assets include:
   1. (1)Property currently rented,
   2. (2)Property held for rent but not currently rented,
   3. (3)Common areas on the property, and
   4. (4)Assets incidental to the ownership of property, which may include cash, prepaid taxes or insurance, rental receivables and the like.