CHARLESTON, S.C. — Greystar Real Estate Partners has acquired Riverstone Residential Group, in effect uniting the two largest multifamily property management companies in the country. The companies’ combined portfolio totals more than 385,000 units.
Earlier this year, Greystar and Riverstone were ranked No. 1 and No. 2, respectively, on the National Multifamily Housing Council’s “NMHC 50 Largest U.S. Apartment Managers” list. The companies’ combined total assets under management more than doubles that of the No. 3 ranked management company, Lincoln Property Co.
Greystar purchased Riverstone from London-based CAS Capital Limited, a wholly owned subsidiary of Regis Group PLC.
“Riverstone is one of the nation’s most highly respected multifamily firms, and we are proud to have them join our Greystar family,” says Bob Faith, chairman and CEO of Greystar. “Combining forces makes us even stronger, especially in local markets where we are bringing together some of the most talented and experienced multifamily professionals in the industry.”
Prior to the acquisition, Greystar’s management included units in 35 states and Washington, D.C., while Riverstone’s management portfolio included units in 36 states and Washington D.C. The combined portfolio will cover 41 states and the nation’s capital.
“We are excited to complete this transaction with Greystar,” says Nick Gould, chairman of the board for CAS Capital Limited. “The combining of these two great companies represents the realization of our vision to create the highest-quality multifamily residential service provider in the U.S.”
Greystar previously acquired other major operators, including the management arms of JPI, Archon and Glacier. The Charleston, S.C.-based company also has investment management and development platforms, and recently launched operations in Mexico and the United Kingdom.
Dallas-based Riverstone offers client insurance, resident insurance, screening and telecom services in addition to management. Riverstone’s total assets under management were valued at more than $17 billion prior to the transaction, according to the company’s website.
“Our local teams are well-resourced and will now harness the power of our combined technology and service platforms to further expand our service offerings to our clients, partners and residents,” says Faith.
— John McCurdy