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.