Equity LifeStyle Properties (ELS)/Equity Residential Chairman Sam Zell is seeking to raise $600 million for investments in emerging markets in India, China and Latin America, and may be competing with his former partner at Equity Residential, Gary Garrabrant, who left Equity suddenly in 2012, according to therealdeal.com. Garrabrant, who founded Pennsylvania-based Jaguar Growth Partners last year, is seeking to raise up to $1 billion, and both have similar goals and will reach out to the same investors. Zell’s firm owns 38 residential properties in the New York area alone with some 10,330 apartments. Rick Singer of New York’s Eastbridge Group told the Wall Street Journal, “It will be interesting to see where the major investors put their money. I’d be shocked if they share between the two funds.” MHProNews knows ELS is the largest owner of manufactured home and recreational vehicle communities in North America with 380 properties comprising nearly 143,000 home sites. ##
(Photo credit: therealdeal.com–From left, Garry Garrabrant and Sam Zell)
