Sam Zell Announces $5.3 Billion Multifamily Disposition.
Thursday, October 29 2015
Sam Zell, 74 years old, is known for being one of the most successful people in the multi- family business. In the 1970s/1990s (during a reccessional period) Mr. Zell managed to grab a large number of office buildings, apartments and malls in the United Stated. When the economy started to grow again, the value of his properties grew astronomically. Zell has recently agreed to sell over 23,000 apartments that are currently controlled by Equity Residential, his own company, for $5.4 billion to Starwood Capital Group. This deal will be one of the biggest that Mr Zell has had since 2012 when he teamed with AvalonBay Communities to purchase apartment giant Archstone for $6.5 billion.
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