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Greg started Equity Residences in 2012. They detail the beginnings of their company in their Starter Story interview: 
Q: How did you get started on Equity Residences?
My background is varied as an experienced investor, management executive, and consultant. I’ve worked in several industries spanning technology, automotive, media, and entertainment. However, my passions include real estate design and architecture, investing, and travel. Living in London, Paris, Nice, Sydney, and Singapore has helped me develop a global perspective.
I’ve invested in residential real estate for nearly twenty years with experience ranging from new construction, to remodels and distressed assets. After the 2008 financial crash, I began acquiring foreclosures in California and Nevada at deep discounts. Based on this success, I decided to launch an investment fund.
While researching target markets, I noted that second homes in vacation destinations were taking longer to recover from the financial crises than primary residences and could be acquired at deep discounts. Cap rates were also attractive with the right vacation rentals able to generate as much rent in one week as many long-term rentals might generate in a month. It was also an opportunity to capitalize on an emerging trend for the shared use of assets.
In parallel, Steve Dering and John Long had been discussing shared ownership and the use of distressed yachts. I suggested they consider shared ownership of vacation homes as yachts depreciate and have high operating costs while vacation homes appreciate and have income potential. We joined forces with investors able to receive a dividend by using the homes in addition to investment gains. Steve brought years of experience of shared use in the fractional resort industry, and we hired staff with experience at Auberge and Ritz Carlton.
Contributors to this article:
- Pat Walls, Founder @ Starter Story
- Wiki Updater