Greystar, a global leader in the investment, development, and management of institutional quality rental housing, announced the formation of a long-term property management services relationship with Wood Partners, a top five national developer and builder of multifamily housing in the United States.
Under the terms of the agreement, all property management operations of Wood will be transferred to Greystar and Wood Property Management associates will become Greystar team members. Greystar and Wood have also entered into a long-term preferred management services provider agreement, whereby Greystar will serve as property manager for all current and future Wood developed and owned assets.
Greystar takes over Wood Partners properties
Wood’s managed portfolio includes over 130 multifamily properties totaling 38,000 units under management and spanning 17 states, including both operating and planned projects. The combination is complementary to Greystar’s existing platform and will add additional resources and capabilities for clients, partners, and residents of Wood communities.
The combined portfolio grows Greystar’s property management presence to over 895,000 units across over 3,200 communities, and Greystar’s team to over 24,000 team members.
“Across Wood Partners’ property management business, we recognize an impressive team of professionals sharing a similar operating philosophy, core values, and a ‘people-centered’ approach,” said Mike Clow, Executive Managing Director of Greystar’s U.S. Real Estate Services.
Jones Lang LaSalle Securities, LLC, an affiliate of Jones Lang LaSalle Americas, Inc., served as financial advisor to Wood Partners in connection with the transaction. Terms of the transaction were not disclosed.
Related Stories
Multifamily Housing | Jan 15, 2024
Multifamily rent growth rate unchanged at 0.3%
The National Multifamily Report by Yardi Matrix highlights the highs and lows of the multifamily market in 2023. Despite strong demand, rent growth remained unchanged at 0.3 percent.
Adaptive Reuse | Jan 12, 2024
Office-to-residential conversions put pressure on curbside management and parking
With many office and commercial buildings being converted to residential use, two important issues—curbside management and parking—are sometimes not given their due attention. Cities need to assess how vehicle storage, bike and bus lanes, and drop-off zones in front of buildings may need to change because of office-to-residential conversions.
MFPRO+ News | Jan 12, 2024
Detroit may tax land more than buildings to spur development of vacant sites
The City of Detroit is considering a revamp of how it taxes property to encourage development of more vacant lots. The land-value tax has rarely been tried in the U.S., but versions of it have been adopted in many other countries.
MFPRO+ News | Jan 12, 2024
As demand rises for EV chargers at multifamily housing properties, options and incentives multiply
As electric vehicle sales continue to increase, more renters are looking for apartments that offer charging options.
Sustainability | Jan 10, 2024
New passive house partnership allows lower cost financing for developers
The new partnership between PACE Equity and Phius allows commercial passive house projects to be automatically eligible for CIRRUS Low Carbon financing.
Giants 400 | Jan 8, 2024
Top 60 Senior Living Facility Construction Firms for 2023
Whiting-Turner, Ryan Companies US, Weis Builders, Suffolk Construction, and W.E. O'Neil Construction top BD+C's ranking of the nation's largest senior living facility general contractors and construction management (CM) firms for 2023, as reported in the 2023 Giants 400 Report.
Giants 400 | Jan 8, 2024
Top 40 Senior Living Facility Engineering Firms for 2023
Kimley-Horn, Olsson, Tetra Tech, EXP, and IMEG head BD+C's ranking of the nation's largest senior living facility engineering and engineering/architecture (EA) firms for 2023, as reported in the 2023 Giants 400 Report.
Giants 400 | Jan 8, 2024
Top 80 Senior Living Facility Architecture Firms for 2023
Perkins Eastman, Hord Coplan Macht, Lantz-Boggio Architects, Ryan Companies US, and Moseley Architects top BD+C's ranking of the nation's largest senior living facility architecture and architecture engineering (AE) firms for 2023, as reported in the 2023 Giants 400 Report.
MFPRO+ News | Jan 8, 2024
Canada turns to 1940s strategy to speed up housing construction
To address a severe housing shortage, Prime Minister Justin Trudeau’s administration has begun a housing construction strategy pioneered in the years after World War 2. The government aims to use a catalog of pre-approved home designs to reduce the cost and time to construct homes.
MFPRO+ News | Jan 4, 2024
Bjarke Ingels's curved residential high-rise will anchor a massive urban regeneration project in Greece
In Athens, Greece, Lamda Development has launched Little Athens, the newest residential neighborhood at the Ellinikon, a multiuse development billed as a smart city. Bjarke Ingels Group's 50-meter Park Rise building will serve as Little Athens’ centerpiece.