Billionare Sam Zell remains bullish on Multifamily Investmenting

Next on Sixth, in the Koreatown neighborhood of Los Angeles (Costar).According to MarketWatch reports, the always outspoken Sam Zell is raising equity at record levels. I had the privilege of meeting him when he spoke in Austin, after selling his 23,000-unit residential portfolio to Barry Sternlicht’s Starwood Capital Group for nearly $5.4 billion.
Since then his firm, Equity Residential, acquired Next on Sixth, 393 units for $189 million, a multifamily property known for its colorful murals in Koreatown near downtown Los Angeles SkyHouse Denver, residential tower here for nearly $135 million EVIVA on Cherokee, a 274-unit community in Denver, for $111 million.

Sam Zell is considered the creator of the contemporary real estate investment trust (REIT), and he and his team have been instrumental in creating some of the largest publicly traded REITS in the world. They include Equity Residential (EQR) an apartment REIT with a market capitalization of nearly $24 billion, as well as Equity Commonwealth (EQC), an office REIT with 86 properties across the United States and a market cap of nearly $4 billion (reported as of September 2018).

Zell founded EGI more than 50 years ago. Its portfolio has branched out to industries including health care, logistics, manufacturing, transportation and media. He also chairs five NYSE-listed firms, including three real estate investment trusts.