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
Apartments | Jan 26, 2024
New apartment supply: Top 5 metros delivering in 2024
Nationally, the total new apartment supply amounts to around 1.4 million units—well exceeding the apartment development historical average of 980,000 units.
Self-Storage Facilities | Jan 25, 2024
One-quarter of self-storage renters are Millennials
Interest in self-storage has increased in over 75% of the top metros according to the latest StorageCafe survey of self-storage preferences. Today, Millennials make up 25% of all self-storage renters.
Senior Living Design | Jan 24, 2024
Former Walgreens becomes affordable senior living community
Evergreen Real Estate Group has announced the completion of Bellwood Senior Apartments. The 80-unit senior living community at 542 25th Ave. in Bellwood, Ill., provides independent living options for low-income seniors.
Adaptive Reuse | Jan 23, 2024
Adaptive reuse report shows 55K impact of office-to-residential conversions
The latest RentCafe annual Adaptive Reuse report shows that there are 55,300 office-to-residential units in the pipeline as of 2024—four times as much compared to 2021.
Modular Building | Jan 19, 2024
Virginia is first state to adopt ICC/MBI offsite construction standards
Virginia recently became the first state to adopt International Code Council/Modular Building Institute off-site construction standards.
Mixed-Use | Jan 19, 2024
Trademark secures financing to develop Fort Worth multifamily community
National real estate developer, investor, and operator, Trademark Property Company, has closed on the land and secured the financing for The Vickery, a multifamily-led mixed-use community located on five acres at W. Vickery Boulevard and Hemphill Street overlooking Downtown Fort Worth.
Affordable Housing | Jan 18, 2024
Habitat tops off second apartment building at 43 Green
The co-developers of 43 Green celebrate the latest milestone for the $100 million, mixed-income, mixed-use project in Bronzeville: topping off Phase 2 while reaching full lease-up of the Phase 1 apartment building.
Adaptive Reuse | Jan 12, 2024
Office-to-residential conversions put pressure on curbside management and parking
With many office and commercial buildings being converted to residential use, two important issues—curbside management and parking—are sometimes not given their due attention. Cities need to assess how vehicle storage, bike and bus lanes, and drop-off zones in front of buildings may need to change because of office-to-residential conversions.
MFPRO+ News | Jan 12, 2024
Detroit may tax land more than buildings to spur development of vacant sites
The City of Detroit is considering a revamp of how it taxes property to encourage development of more vacant lots. The land-value tax has rarely been tried in the U.S., but versions of it have been adopted in many other countries.
MFPRO+ News | Jan 12, 2024
As demand rises for EV chargers at multifamily housing properties, options and incentives multiply
As electric vehicle sales continue to increase, more renters are looking for apartments that offer charging options.