Equity Residential's David J. Neithercut (left), Chairman & CEO, and Mark J. Parrell, President.

Sam Zell and Bob Lurie first entered the game in the early 1960s when they managed student apartment buildings at the University of Michigan. On the foundation of that partnership, they grew their business into one of the most well-known ad successful investment companies in the world. These days, Zell is chairman of Equity Group Investments, the parent company of Equity Residential.

In its own right, EQR is one of the most widely respected multifamily enterprises in the country. In fact, the S&P 500 company celebrated its 25-year anniversary as a publicly traded entity this past summer. Focusing on the acquisition, development and management of urban and high-density suburban rental apartments primarily located in coastal gateway markets. The REIT owns or has investments in 306 properties in more than 79,000 units nationally.

The firm has shaken up both its strategy and executive ranks in recent years. Beginning in 2015, EQR started exiting non-core markets, selling off assets in South Florida, Denver and New England, and shed its US-based military housing holdings. The move shrunk the size of the portfolio by nearly a quarter, but it also improved its overall quality.

Meanwhile, EQR revealed this past September that its top executive will soon step down. After serving as president and CEO since 2006, David J. Neithercut will retire at the end of this year. The firm moved Mark J. Parrell in the post of president. The former EVP and CFO will join the EQR board of trustees and prepare to take the helm of the company at year's end. Neithercut, meanwhile, will remain a member of the board following his retirement.

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MULTIFAMILY INFLUENCER: Equity Residential

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