June 2, 2020
Greystar Real Estate Partners has acquired the property management business of Alliance Residential Company for a reported $200 million. The deal will add more than 500 multifamily properties and nearly 130,000 primarily Class A units across 21 states to Greystar’s portfolio, bringing it to 2,400-plus properties and 660,000 units across 42 states and 13 countries.
Phoenix-based Alliance is ranked as the leading developer of multifamily units in the U.S. for the past two years, as well as the nation’s fourth largest management company. It 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.
“We only consider acquisitions of companies that are culturally compatible and fit our long-term strategic objectives,” said Bob Faith, founder, chairman and CEO of Charleston, SC-based Greystar. “In Alliance, we’ve found both.”
Pictured: Broadstone Vilara Apartments in Laguna Niguel, CA.
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