Statement from NMHC on the Passing of Sam Zell

By: National Multifamily Housing Council via Business Wire

May 18, 2023 at 17:50 PM EDT

Sam Zell was a giant in the multifamily industry, a founder of the National Multifamily Housing Council (NMHC) and a dear friend and supporter of the organization. He will be deeply missed by many.

Over the decades, Zell provided apartment homes to thousands of families across the country, and he will be remembered fondly by today’s housing providers and the residents who built their lives in the communities he created. An entrepreneur, investor and business leader without equal, he led the evolution of the multifamily industry into the institutionally backed, leading commercial real estate investment it is today.

“Sam Zell was one of the most influential individuals, not just in commercial real estate, but in American business writ large. He was a great friend and an advocate on behalf of the multifamily industry,” said David Schwartz, former NMHC Chair and CEO and Chairman of Waterton.

“Sam really was the godfather of the modern REIT era with the creation of Equity Residential, Equity Office and Equity Lifestyle. Not only that, but he also pioneered casual dress in the office, being one of the first CEO’s to wear jeans.

“Personally, he was a terrific friend and mentor to me for more than thirty years and I was privileged to work for him early in my career. His is the epitome of the great American story, his family having immigrated to the United States following the Nazi invasion of Poland, on a worldwide trip that eventually ended in Chicago. He will be profoundly missed.”

Based in Washington, D.C., the National Multifamily Housing Council (NMHC) is the leadership of the apartment industry. We bring together the prominent owners, managers and developers who help create thriving communities by providing apartment homes for 38.9 million Americans, contributing $3.4 trillion annually to the economy. NMHC provides a forum for insight, advocacy and action that enables both members and the communities they help build to thrive. For more information, contact NMHC at 202/974-2300, e-mail the Council at info@nmhc.org, or visit NMHC's website at www.nmhc.org.