April 24, 2024 2:59 pm
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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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Rose Law Group Reporter, which provides Dealmaker’s content and service, is contracted by Rose Law Group. Rose Law Group is a full service real estate and business Law Firm practicing in the areas of land use/entitlements, real estate transactions, real estate due diligence/project management, special districts, tax law, water law, business litigation, corporate formation, intellectual property, asset protection, data breach/privacy law, ADA compliance, estate planning, family law, cyber-law, online reputation and defamation, lobbying, energy and renewable energy, tax credits/financing, employment law, Native American law, equine law, DUIs, and medical marijuana, among others. The views expressed above are not necessarily those of Rose Law Group pc or its associates and are in no way legal advice. This blog should be used for informational purposes only. It does not create an attorney-client relationship with any reader and should not be construed as legal advice. If you need legal advice, please contact an attorney in your community who can assess the specifics of your situation.