Greystar Real Estate Partners has expanded its US footprint with the acquisition of Alliance Residential Company’s property management business.
The global investment manager is buying the Alliance business which manages a portfolio of over 500 multifamily properties and nearly 130,000 primarily Class A units across 21 states.
Financial details were undisclosed.
Greystar said the deal increases its US footprint by 25% and complements Greystar’s current presence in key western markets.
Following the acquisition, Greystar will oversee a portfolio of more than 2,400 communities and 660,000 apartment units across 42 US states and 13 countries.
Bob Faith, founder, chairman and CEO of Greystar, said:
“Even during severe economic downturns, we believe in the resilience of rental housing and we are committed to continuing to grow our company.
“This acquisition reflects our confidence in that and is a unique opportunity to acquire a strong business. We look forward to welcoming the Alliance team to the Greystar family.”
As part of the deal, Greystar will provide management services to Alliance’s multifamily acquisition and development businesses going forward.
Bruce Ward, chairman and CEO of Alliance Residential, said: “We are thrilled to launch this long-term strategic relationship with Greystar, combining best-in-class residential managers, complementary portfolios and unrivaled expertise to create the leading property management company in the multifamily industry.”
Andrew Livingstone, executive MD responsible for Greystar’s property management group, said: “This transaction underscores Greystar’s unwavering commitment to providing residents and clients with the industry’s leading property management platform.”
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