Equity Residential history

Zell and Lurie were well positioned to take advantage of the collapse of the real estate market in 1974, buying numerous properties on the cheap.

They concentrated on buying apartment buildings in fast-growing cities, primarily located in Sunbelt states. It was also a time of many dubious real estate tax shelter schemes, and in 1976 Zell became caught up in a federal investigation that nearly devastated the partnership.

The partners bought stakes in Consolidated Fibers, Commodore Corp., and Itel Corp. It had been one of the largest REITs in the United States before going bankrupt in 1977.

She went to work for Zell and Lurie in 1980 to start an in-house law firm and became their top lawyer, involved in the structuring of all their major deals.

Zell and Lurie gained national attention in 1981 when they acquired a controlling 68 percent stake in Great American Management & Investment Inc., an Atlanta-based REIT with some $500 million in assets.

From the outset the REIT was aggressive in acquiring new properties, focusing on B-plus and A-grade apartment complexes built before 1985.

The Tax Reform Act of 1986 not only eliminated these tax shelters, it also permitted REITs to provide customary services for property, in effect allowing the trusts to operate and manage the properties they owned.

1987: Co-managed funds with Merrill Lynch form basis of Equity Residential.

As a result, Equity Residential was formed as a REIT. It became a publicly traded company in 1993.

At the beginning of 1997 Equity Residential had ranked only sixth.

The REIT continued its buying spree in 1998, spurred by a general slump in REIT share prices that put pressure on smaller companies to join up with larger rivals to compete.

In 1999, the company acquired Lexford Residential Trust for $203 million in stock and the assumption of $530 million of debt.

In October 2001 management announced that it expected earnings to be adversely affected for the remainder of 2001 and into the next few years, with leasing of some units proving more difficult and rents likely to fall in some cities.

In January 2003, CEO Douglas Crocker retired.

In 2006, the company sold its Lexford affordable housing division, which included 27,115 apartment units, for $1.09 billion.

In 2013, the company sold 8,010 apartment units to a joint venture of Goldman Sachs and Greystar Real Estate Partners for $1.5 billion.