The Zelloff Continues: Billionaire Sam Zell Dumps $5.4B Multifamily Portfolio
In the billionaire's latest recession-prep selloff, Sam Zell's Equity Residential just unloaded 23,262 apartments in a $5.4B sale to Starwood Capital Group.
The 72-property deal slims Equity Residential down to 318 properties, with plans to dump 26 more this year, Equity Residential CEO David Neithercut says. The idea is to focus on urban core markets where David expects greater returns, The Real Deal reports.
Zell's Equity Commonwealth dumped $1.7B worth of properties last year, with plans to bring that total to $3B. It's tough to ignore a Zell selling spree. After Sam sold Equity Office to Blackstone for $39B in 2007...well...anyone heard of the Great Recession? [TRD]