Greystar Real Estate Partners is buying an initial 45% stake in real estate manager Thackeray Partners, in a deal which further expands the global investment manager’s US rental housing footprint.

As part of the transaction, Greystar said it has the option to buy the remaining ownership interest in the Dallas-based firm within the next two years. Financial terms were undisclosed.

Thackeray co-founders Mary Hager and Tony Dona will continue to chair the Thackeray fund business, Greystar said.

Formed in January 2005, Thackeray has $1.5bn (€1.3bn) assets under management with expertise in rental housing and industrial asset management. 

Bob Faith, founder, chairman, and CEO of Greystar, real estate partners, said: “When we consider our long-term strategic priorities, investing in partners that are culturally compatible with capabilities that complement our existing business and leverage the platform we’ve built is of the utmost importance.

“Partnering with Tony, Mary, and the entire Thackeray team adds expertise and core competencies in all aspects of investment, asset management, and ownership that we couldn’t be happier about. There is significant upside to this transaction, and we look forward to utilising Thackeray’s 15-year track record in fund management to build on our multifamily platform and capitalise on new opportunities.”

In June this year, Greystar acquired Alliance Residential Company’s property management business which manages a portfolio of over 500 multifamily properties and nearly 130,000 primarily Class A units across 21 states.

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