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Greystar Grows Again

Posted By: Jon Lowder Blog ,

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.