Wood Partners Enters Strategic Property Management Services Agreement With Greystar
CHARLESTON, S.C. and ATLANTA, G.A. – Feb 1, 2024 – Greystar, a global leader in the investment, development, and management of institutional quality rental housing, today announced the formation of a long-term property management services relationship with Wood Partners (“Wood”), 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.
Wood’s managed portfolio includes over 130 institutional quality, Class A multifamily properties totaling 38,000 units under management and spanning 17 states, including both operating and planned projects. The combination is highly 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.
“Wood Partners is one of the highest-quality and most well-respected developers and owners of institutional quality rental housing properties in the country and we are honored that they have selected Greystar to be their single-source provider for management services. We look forward to welcoming the Wood property management team members to the Greystar family and are excited about the long-term nature of our continued partnership with Wood Partners and their leadership team,” said Mike Clow, Executive Managing Director of Greystar’s U.S. Real Estate Services.
“We are excited to forge this new strategic partnership with the Greystar property management team. Greystar is widely recognized as an industry leader within the property management space. Their collaborative approach throughout the integration process will pave the way for success not only for our robust portfolio of properties, but most importantly, the dedicated associates that make up our talented property management team,” said Joe Keough, Chief Executive Officer of Wood Partners.
“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,” added Clow, while emphasizing the firm’s commitment to delivering the industry’s leading property management platform.
“Greystar’s well-established track record of strategic client relationships underscores why prominent developers and owners are choosing to partner with Greystar to lease and manage their assets. This association aligns with our goal of expanding and capitalizing on innovative opportunities in today’s dynamic environment. Greystar is committed to establishing the benchmark for operational excellence and leveraging our deep understanding of local markets, the advantages of economies of scale, and state-of-the-art, technology-driven solutions,” said Clow.
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.
Greystar is a leading, fully integrated global real estate company offering expertise in property management, investment management, development, and construction services in institutional-quality rental housing, logistics, and life sciences sectors. Headquartered in Charleston, South Carolina, Greystar manages and operates more than $290 billion of real estate in 247 markets globally with offices throughout North America, Europe, South America, and the Asia-Pacific region. Greystar is the largest operator of apartments in the United States, manages more than 857,400 units/beds globally, and has a robust institutional investment management platform comprised of more than $76 billion of assets under management, including over $34 billion of development assets. Greystar was founded by Bob Faith in 1993 to become a provider of world-class service in the rental residential real estate business. To learn more, visit www.greystar.com.
About Wood Partners
Wood Partners is a national leader in the development, construction, and management of multifamily communities across the United States. The company has been involved in the acquisition and development of more than 100,000 conventional multifamily homes with a combined capitalization of $20 billion. The company currently owns more than 75 properties across the United States representing over 23,000 units. Headquartered in Atlanta, Wood Partners has offices in 22 major markets across 15 states nationwide. For more information, visit www.woodpartners.com.
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