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Residential
Los Angeles

Chicago firm tops list of biggest apartment owners in LA County

Equity Residential, founded by late billionaire Sam Zell, boasts 13K-unit portfolio

Chicago Firm Tops List of Apartment Owners in LA County
Equity Residential's Mark Parrell, Essex Property Trust's Angela Kleiman and AvalonBay Communities' Benjamin Schall (Equity Residential, Essex Property Trust, AvalonBay Communities, Getty)

Who owns the most apartments in greater Los Angeles? Turns out it’s a real estate investor based in Chicago.

The top three owners of apartments in Los Angeles County are real estate investment trusts based in Chicago, Virginia and San Mateo, the Commercial Observer reported, citing figures from CoStar. 

The No. 1 multifamily owner in L.A. County is Equity Residential, based in Chicago, with 13,027 units. Its 12.5 million-square-foot portfolio has a 3 percent vacancy rate at 48 properties on almost 400 acres. It tops the list despite selling more than 1,000 units in Santa Monica in 2021. The company was founded by real estate billionaire Sam Zell, who died in May.

The No. 2 owner is AvalonBay Communities, based in Arlington, Virginia, with 11,039 units. Its 11.8 million-square-foot portfolio has a 2.6 percent vacancy rate at 33 properties on 346 acres. 

Third on the list is Essex Property Trust, based in San Mateo, with 10,954 units. Its 9.9 million-square-foot portfolio has a 4.3 percent vacancy rate at 48 properties on 206 acres. 

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They were followed by G.H. Palmer Associates, based in Beverly Hills and owned by Geoff Palmer, with 10,237 units; and Jamison Properties, run by Jamie Lee in Koreatown, with 6,768 units.

Others in the top 10 include Sterling, with 6,764 units; J.K. Residential Services with 6,745 units; Golden Management with 5,446 units; Prime Administration with 5,202 units; and Carmel Partners with 4,777 units.

Apartment investments appear positioned to withstand sharp post-pandemic declines, according to the Observer. But in L.A. County, rental property investment has slowed compared to the rapid sales of the past few years, before higher borrowing costs affected the market.

— Dana Bartholomew

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