The Wall Street Journal reports billionaire investor Sam Zell is expected to choose Thomas Heneghan, now CEO of Equity LifeStyle Properties, Inc. (ELS), to replace Gary Garrabrandt as head of Equity International, Zell’s global real estate investment arm. Investors in Equity International (EI) must approve Zell’s choice, but could also make other changes to the most recent fund, or even close it. As MHProNews reported Sept. 13, 2012, Zell took the reins of EI following the sudden departure of Garrabrandt (with whom he started the initiative) and chief strategic officer Thomas McDonald. ELS has controlling interest in 380 MHC and RV communities comprised of over 141,000 home sites.
(Photo credit: Equity Lifestyle Properties, Inc.—Lake Haven, Clearwater, Fla.)