Billionaire real estate investor Sam Zell says the trend to defer marriage to later in life has been lucrative for apartments and condos across the nation, saying that has been the most significant reason for the strength of the current multifamily real estate market. While he also noted the hospitality market is strong as tourists continue to seek destinations, he was not enthralled with buying foreclosed single-family homes at distressed prices and then renting or selling them. According to wsj.com, Zell was not certain this strategy would be a good long-term business model. As MHProNews knows, Zell is Chairman of Equity LifeStyle Properties, the largest owner of manufactured housing and recreational vehicle communities in North America with some 380 properties.
(Photo credit: Tim Boyle/bloombergbusinessweek–multifamily home under construction)