Multifamily

CHARLESTON, S.C. AND PHOENIX — Multifamily development and management firm Greystar Real Estate Partners has acquired the property management business of competitor Alliance Residential Co., the fourth-largest apartment management firm in the United States. Financial terms of the transaction were not disclosed, but The Wall Street Journal reports that the all-cash deal totaled nearly $200 million. Phoenix-based Alliance Residential will shift its focus from property management to development, construction and acquisition across the multifamily spectrum, including workforce housing and seniors housing. As part of the deal, Greystar will provide management services to Alliance Residential’s owned portfolio going forward, including both new developments and acquisitions. Alliance Residential has been the No. 1 developer of multifamily units in the United States for the last two years, and Greystar is the largest apartment management firm in the country, according to the National Multifamily Housing Council. The combined property management business will operate under the Greystar brand, bringing the Charleston-based firm’s total unit count to 660,000. The combined portfolio comprises 2,400 properties in 42 states and 13 countries. Additionally, the acquisition will bring Greystar’s workforce to nearly 19,000 team members. The acquisition boosts Greystar’s property management business by approximately 25 percent and gives the …