November 22, 2024 12:00 am
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Sam Zell edges out of apartments

Sam Zell and 420 East 54th Street in Sutton Place in New York
Sam Zell and 420 East 54th Street in Sutton Place in New York

By Laura Kusisto | The Wall Street Journal

Sam Zell has agreed to sell more than 23,000 apartments controlled by his real-estate company, Equity Residential, for $5.4 billion to Starwood Capital Group, the companies said.

The transaction, announced Monday, represents about a quarter of the units in Equity Residential’s portfolio of apartments and would be one of the largest since the recession. It also comes on the heels of Blackstone Group LP’s announcement on Tuesday that it is buying Stuyvesant Town and Peter Cooper Village in Manhattan for $5.3 billion.

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