Greystar Grows Again
Charleston, SC based Greystar has purchased another large apartment management company, helping cement its status as the largest apartment operator in the country. From the Wall Street Journal:
Greystar Real Estate Partners LLC said it is acquiring a business that manages nearly 130,000 housing units, a deal that extends Greystar’s position as the country’s largest operator of rental apartments.
The Charleston, S.C.-based firm is buying the business from Alliance Residential Co., the country’s fourth-largest apartment manager. Alliance intends to remain in the apartment-development and -investment business.
The acquisition brings Greystar’s management inventory to 660,000 units, adding to the company’s large footprint in Phoenix, Los Angeles, Houston and Seattle.
Greystar paid nearly $200 million in the all-cash deal, according to people familiar with the matter, making it one of the largest apartment-related transactions during the coronavirus pandemic and economic fallout.