Greystar Acquires Alliance’s Property Management Arm
Greystar Real Estate Partners, the largest operator of rental apartments in the U.S., is acquiring the property management business of Alliance Residential Co., a deal that will boost its portfolio by 130,000 units. The transaction comes as the multifamily industry powers through the coronavirus crisis and the overwhelming majority of people living in professionally managed communities continue to make rent payments.
Financial terms were not disclosed, but Charleston, S.C.-based Greystar paid nearly $200 million in cash for the Alliance business, according to a Wall Street Journal report citing unnamed sources. The National Multifamily Housing Council ranked Alliance as the country’s largest apartment developer and fourth-largest apartment manager.
The company’s portfolio spans more than 500 Class A multifamily properties with nearly 130,000 primarily Class A units across 21 states. Alliance will continue to focus on development, construction and acquisition in the multifamily sector, including workforce and senior housing properties. Going forward, Greystar will provide management services to the company’s acquisition and development business as part of the deal …