Sam Zell Sells Apartments to Starwood for $5.4 Billion

Sam Zell has agreed to sell more than 23,000 apartments from his Equity Residential company to Starwood Capital Group for $5.4 billion, reports The Wall Street Journal.

This sale is roughly a quarter of the units in Equity Residential’s portfolio. Most of the apartments in the deal are low-rise and mid-rise units in suburban markets throughout Florida, Colorado, Washington, Washington, D.C., and California.

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