Trending
Will Sam Zell’s confidence be contagious?
Mogul's recent NYC buys create much-needed jolt -- and there may be more in the works
From the March issue: It’s hard to find a real estate figure with a better reputation for
timing the markets than Sam Zell. The blunt, motorcycle-riding,
Chicago-based mogul is known for snapping up distressed assets when
prices hit bottom.
No surprise, then, that a spate of unexpected, high-profile deals
involving the Zell-chaired REIT, Equity Residential, is generating a
growing sense of elation among local real estate players desperate for
signs of a recovery.
“Does it get any better than when Sam Zell starts buying property
in your market?” said Dan Fasulo, managing director at Real Capital
Analytics. “I don’t know how much more confidence investors need to
start making decisions. Everybody has got to realize that the world is
not over.” [more]