Equity Residential Properties Trust, the largest U.S. apartment owner, plans to increase its development projects to almost half a billion dollars by the end of the year, company officials said.
Chicago-based Equity Residential, which is headed by financier Sam Zell, has developed more than 1,000 apartments, at a cost of about $92 million, through joint ventures.
"My guess is we will have that ramped up by the end of the year to 4,000 to 4,500 apartment units in the $400-million-to-$450-million range," said Douglas Crocker, president and chief executive.
Crocker made the comment at the Salomon Smith Barney Inc. real estate conference in Palm Beach, Fla.
Development of properties is a new business for Equity Residential, which in the last few years has boosted its holdings to 500 properties and 143,000 apartments through acquisitions.