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
University Buildings | Oct 13, 2017
The University of Oklahoma receives its first residential colleges
The residential communities were designed by KWK Architects and combine living and learning amenities.
Multifamily Housing | Oct 11, 2017
A 267-unit multifamily community is under construction in Summerville, S.C.
Summer Wind will be about half an hour outside of Charleston, S.C., in the rapidly expanding Summerville submarket.
Multifamily Housing | Oct 9, 2017
6 new products for the multifamily construction market
Bamboo wall panels, an adaptable prep sink, and a two-tiered bike parking system are among the product innovations geared for multifamily buildings.
Multifamily Housing | Sep 27, 2017
Pickleball, anyone?
Two-and-a-half million Americans are playing the game with the funny name.
Mixed-Use | Sep 25, 2017
One of L.A.’s most sought-after neighborhoods receives a new mixed-use development
The new development will feature 166 units and 9,000 sf of ground-floor retail.
Mixed-Use | Sep 21, 2017
Entire living rooms become balconies in a new Lower East Side mixed-used development
NanaWall panels add a unique dimension to condos at 60 Orchard Street in New York City.
Giants 400 | Sep 20, 2017
Bubble? What bubble?: Apartment and condo construction simply can't keep up with demand
Since the current multifamily boom took off in 2010, most activity has focused on large urban areas.
Multifamily Housing | Sep 20, 2017
New housing development rises from a historic textile mill’s ashes
Loft Five50 will add 137 housing units to Lawrence, Mass.
Multifamily Housing | Sep 19, 2017
Top 90 multifamily construction firms
Lendlease, Suffolk Construction, and Clark Group top BD+C’s ranking of the nation’s largest multifamily sector contractor and construction management firms, as reported in the 2017 Giants 300 Report.
Giants 400 | Sep 18, 2017
Top 40 multifamily engineering firms
WSP, AECOM, and Thronton Tomasetti top BD+C’s ranking of the nation’s largest multifamily sector engineering and EA firms, as reported in the 2017 Giants 300 Report.