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Zell's apartment hunt; His Equity Residential gets deeper into rental development business.(News)(Sam Zell-Equity Residential)
Crain's Chicago Business, November, 2006 by Gallun, Alby
Byline: ALBY GALLUN Sam Zell, who once likened real estate developers to cocaine addicts, is having a tough time saying "no'' nowadays-at least when it comes to apartments. Equity Residential, the billionaire financier's apartment real estate investment trust (REIT), is pouring more money into development as it tries to capitalize on a booming rental market to boost investment returns.
The Chicago company plans to complete 1,076 apartments nationwide next year and another 1,897 in 2008, up from 359 this year and 405 in 2005. Equity Residential has built apartments in the past by forming joint ventures with developers, allowing it to reduce risk. But the company decided to set out on its own in 2004, when it hired former Pritzker Realty executive Mark...
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