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.
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