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News > Deals
Zell REIT in $625M deal
August 28, 1997: 7:35 a.m. ET

Equity Residential Properties Trust to buy Arizona apartment company
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NEW YORK (CNNfn) - A real estate investment trust controlled by financier Sam Zell is buying a rival apartment company for $625 million in securities.
     Zell's Equity Residential Properties Trust will also assume $432 million in debt as part of the deal with Evans Withycombe Residential Inc., the companies announced Thursday.
     The REIT market has been rife with consolidations in the past year. This latest sale will continue a string of acquisitions that's made Zell's trust more than twice the size of the next largest public apartment company.
     Chicago-based Equity Residential earlier this year purchased Wellsford Residential Property Trust for $620 million.
     Evans Withycombe, headquartered in Scottsdale, Ariz., owns 55 properties in Arizona and California. Back to top

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Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer. Morningstar: © 2018 Morningstar, Inc. All Rights Reserved. Factset: FactSet Research Systems Inc. 2018. All rights reserved. Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor's Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2018 and/or its affiliates.