Greystar Pens Deal With Wooden Companions On Property Administration
Below the newly created settlement, all properties owned by Wooden will see their administration duties transferred to Greystar.
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Property administration agency Greystar introduced this week a brand new partnership with Wooden Companions, one of many largest rental housing builders in america.
Below the settlement, all properties owned by Wooden will see their administration duties transferred to Greystar, with Wooden’s 635-person property administration workers turning into Greystar workers. Greystar will function supervisor for all present and future Wooden properties, based on a press release.
“We’re excited to forge this new strategic partnership with the Greystar property management crew,” Joe Keough, CEO of Wooden Companions stated in an announcement. “Greystar is widely known as an business chief throughout the property administration house. Their collaborative method all through the combination course of will pave the way in which for fulfillment not just for our sturdy portfolio of properties, however most significantly the devoted associates that make up our proficient property administration crew.”
Wooden’s portfolio accommodates over 130 multifamily properties containing 38,000 models throughout 17 states, accounting for each present and deliberate tasks. The merger will convey Greystar’s administration portfolio to over 895,000 models throughout 3,200 developments, and its workers depend to over 24,000 folks. Property administration corporations like Greystar have discovered themself the beneficiary of recent house stock coming on-line all through the previous yr as multifamily tasks that began after 2020 enter completion.
Wooden, which is among the many prime 5 largest multifamily builders in america, is well-known for its Alta-branded mixed-use house developments, having most not too long ago opened the 325-unit Alta on the Farm exterior of Dallas.
“Wooden Companions is among the highest-quality and most well-respected builders and house owners of institutional high quality rental housing properties within the nation, and we’re honored that they’ve chosen Greystar to be their single-source supplier for administration companies,” Mike Clow, government managing director of Greystar’s U.S. actual property companies stated in an announcement. “We look ahead to welcoming the Wooden property administration crew members to the Greystar household and are excited in regards to the long-term nature of our continued partnership with Wooden Companions and their management crew.”
