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21

Ackman to Put Gains From Luxury Apartments Into Pershing Buyback

By Tony Seruga

Manager to spend hundreds of millions of dollars on shares
His Rittenhouse Hill apartments in Philly have jumped in value

While Bill Ackman has suffered losses as a Wall Street stock picker, he’s thrived as a Philadelphia landlord.

The hedge fund manager personally holds a majority stake in Rittenhouse Hill, a luxury apartment complex that’s one of the largest in Philadelphia, according to a May regulatory filing that first disclosed his ownership. The property, with about 625 units, has jumped in appraised value since he teamed up with the Pestronk brothers to buy it in 2011…

Ackman to Put Gains From Luxury Apartments Into Pershing Buyback

Categories : Hedge Funds

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