Greystar Real Estate Partners, the Charleston company that manages more U.S. apartments than anyone else, has bought the property management business of Phoenix-based Alliance Residential Co., Greystar announced today. Financial terms were not disclosed.
Alliance’s management business covers more than 500 apartment properties with nearly 130,000 units, mostly Class A apartments, in 21 states, according to the announcement. Greystar said Alliance had grown over 20 years into the country’s top apartment developer and fourth-largest management company.
The deal increases Greystar’s U.S. footprint by about 25% and adds to its presence in western markets including the San Francisco Bay Area, Los Angeles, Phoenix, Denver and Las Vegas, as well as the Northeast and the Pacific Northwest, Greystar said. With Alliance, Greystar will have nearly 19,000 employees overseeing more than 2,400 communities and 660,000 apartment units in 42 states and 13 countries.
“Even during severe economic downturns, we believe in the resilience of rental housing and we are committed to continuing to grow our company,” said Bob Faith, Greystar’s founder, chairman and CEO. “This acquisition reflects our confidence in that and is a unique opportunity to acquire a strong business.”
Alliance will keep developing, building and buying apartments, workforce housing and senior housing. Greystar will provide management services to Alliance’s apartment acquisition and development businesses, according to the announcement. Alliance’s brands include Broadstone apartments and Prose workforce housing.
“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 Bruce Ward, Alliance’s chairman and CEO.
The combined business will operate under the Greystar name. The National Multifamily Housing Council’s 2020 rankings list Greystar as the top manager of U.S. apartments, the company said.
Greystar’s headquarters is at 465 Meeting St. in downtown Charleston, according to its securities filings.
