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
| Oct 13, 2010
Residences bring students, faculty together in the Middle East
A new residence complex is in design for United Arab Emirates University in Al Ain, UAE, near Abu Dhabi. Plans for the 120-acre mixed-use development include 710 clustered townhomes and apartments for students and faculty and common areas for community activities.
| Oct 13, 2010
Community center under way in NYC seeks LEED Platinum
A curving, 550-foot-long glass arcade dubbed the “Wall of Light” is the standout architectural and sustainable feature of the Battery Park City Community Center, a 60,000-sf complex located in a two-tower residential Lower Manhattan complex. Hanrahan Meyers Architects designed the glass arcade to act as a passive energy system, bringing natural light into all interior spaces.
| Oct 12, 2010
The Watch Factory, Waltham, Mass.
27th Annual Reconstruction Awards — Gold Award. When the Boston Watch Company opened its factory in 1854 on the banks of the Charles River in Waltham, Mass., the area was far enough away from the dust, dirt, and grime of Boston to safely assemble delicate watch parts.
| Sep 13, 2010
Richmond living/learning complex targets LEED Silver
The 162,000-sf living/learning complex includes a residence hall with 122 units for 459 students with a study center on the ground level and communal and study spaces on each of the residential levels. The project is targeting LEED Silver.
| Sep 13, 2010
Committed to the Core
How a forward-looking city government, a growth-minded university, a developer with vision, and a determined Building Team are breathing life into downtown Phoenix.
| Aug 11, 2010
Brown Craig Turner opens senior living studio
Baltimore-based architecture and design firm Brown Craig Turner has significantly expanded its housing design capabilities and expertise with the launch of its new senior living studio.
| Aug 11, 2010
CTBUH changes height criteria; Burj Dubai height increases, others decrease
The Council on Tall Buildings and Urban Habitat (CTBUH)—the international body that arbitrates on tall building height and determines the title of “The World’s Tallest Building”—has announced a change to its height criteria, as a reflection of recent developments with several super-tall buildings.
| Aug 11, 2010
Morphosis builds 'floating' house for Brad Pitt's Make It Right New Orleans foundation
Morphosis Architects, under the direction of renowned architect and UCLA professor Thom Mayne, has completed the first floating house permitted in the U.S. for Brad Pitt’s Make It Right Foundation in New Orleans.The FLOAT House is a new model for flood-safe, affordable, and sustainable housing that is designed to float securely with rising water levels.
| Aug 11, 2010
Bovis Lend Lease, Webcor among nation's largest multifamily contractors, according to BD+C's Giants 300 report
A ranking of the Top 50 Multifamily Contractors based on Building Design+Construction's 2009 Giants 300 survey. For more Giants 300 rankings, visit http://www.BDCnetwork.com/Giants
