Greystar Acquires Alliance Residential Property Management Business
By Les Shaver
Greystar grows to more than 660,000 units under management.
Greystar Real Estate Partners has acquired the property management business of Alliance Residential Company, which is the fourth largest apartment manager in the country.
Alliance’s portfolio, which includes 500 multifamily properties and nearly 130,000 primarily Class A units across 21 states. Over the past 20 years, Alliance has become the number one multifamily developer and the fourth largest management company in the United States, according to The National Multifamily Housing Council (NMHC).
The combined portfolio will increase Greystar’s U.S. footprint by approximately 25 percent and significantly complement the firm’s current presence in key western markets, such as the San Francisco Bay Area, Los Angeles, Phoenix, Denver and Las Vegas, in addition to the Northeast and Pacific Northwest.
Through this transaction, Greystar will grow to nearly 19,000 team members overseeing a portfolio of more than 2,400 communities and 660,000 apartment units across 42 U.S. states and 13 countries.
Adding new portfolios to its platform is nothing The company has built its platform through a series of noteworthy acquisitions over the past 12 years, including JPI Management Services (2008), Riverstone Residential Group (2014), Monogram Residential Trust (2017) and student housing firm EdR (2018). The Riverstone deal established Greystar
“We only consider acquisitions of companies that are culturally compatible and fit our long-term strategic objectives. In Alliance, we’ve found both. Alliance is held in the highest regard in our industry, operates in some of the best markets across the country, and has some of the most talented people in rental housing,” said Bob Faith, Founder, Chairman and CEO of Greystar said in a press release. “Even during severe economic downturns, we believe in the resilience of rental housing and we are committed to continuing to grow our company.”
Alliance, the leading developer of multifamily units in the U.S. for the last two years, will streamline its focus on development, construction and acquisition across the multifamily, workforce and senior housing segments. As part of the deal, Greystar will provide management services to Alliance’s multifamily acquisition and development businesses going forward.
“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,” said Alliance Residential Chairman and CEO Bruce Ward said in a press release. “Greystar’s global reach, corporate culture and seasoned leadership team made this milestone a clear next step for Alliance, our residents, investors and associates alike.”