Equity Residential is one of the largest apartment owners and managers operating currently in the United States. This company was founded in 1969 by Sam Zell while he was working at the Equity Finance and Management Company. With a series of deals and acquisitions, the company began its journey as a leading real estate investment trust and property management firm.
As a real estate investment trust, this company owns more than 78,000 apartments in a half dozen states. They also specialize in owning and managing military housing installations in Washington State. Until 2016, Equity Residential held a 50-year contract, starting in 2000, for the ownership and management of military housing on Joint Base Lewis-McChord and Fort Lewis, Washington. Lincoln took over ownership and the contract, leaving Equity Residential to focus on their apartment holdings.
Various residences at over 20 military bases nationwide
Contact Information For Equity Residential
Two North Riverside Plaza, Suite 400
Chicago, IL 60606
David Neithercut, Chief Executive Officer
Mark Parrell, President
Lawsuits, Sanctions and Penalties Against Equity Residential
In 2014, Equity Residential was hit with a class action lawsuit regarding their allegedly unfair fees for late payments. The lawsuit centers around claims that their fee schedule and practices violate the anti-profiteering statutes in California. As a result of this case, Javanni Munguia-Brown v. Equity Residential, Equity Residential will pay out a settlement of $908,000.
As a military housing provider, Equity Residential was the recipient of a housing discrimination lawsuit in 2004, which was filed at the United States District Court in Tacoma, Washington. The plaintiffs of this lawsuit were also seeking class-action status for their case. The case ended with a settlement that helped improve disabled housing access and accommodations on base.