Bloomberg reports Sam Zell, chairman of Equity LifeStyle Properties, Inc. (ELS), says multifamily is the only sector of the real estate market that is a smart investment, and says his real estate holdings are down to 30 percent, a record low for him. Noting stocks are overvalued (the S&P is up 14 percent this year), he says, “I think about the headwinds in the world today, and I look at S&P, and I do not know how you can be wildly optimistic.” But he says, “I think the multifamily market will continue to prosper regardless of what happens to the single-family market.” As MHProNews knows, ELS is the largest owner of manufactured home and recreational communities in North America with 380 properties comprised of over 141,000 home and RV sites.

(Photo credit: Equity LifeStyle Properties, Inc.–Lake Haven, Clearwater, Fla.)