Greystar Real Estate Partners, LLC announced, today, that they have
acquired JPI Management Services, the management services division of
Irving, TX based JPI. The acquisition solidifies Greystar’s position as
one of the leading multifamily real estate companies in the United
States. The company’s geographic footprint will expand into 88 major
markets with more than 140,000 units making it one of the nation’s
largest management companies.
“The partners at JPI have built one of the country’s most highly
respected multifamily firms. Their focus on quality, integrity and
performance is in line with Greystar’s core beliefs,” said Bob Faith,
Greystar’s Chairman and CEO. “Although today’s economy is tumultuous, we
are blessed to be on solid financial footing. The combining of the
companies is being done with no debt allowing Greystar to continue to
invest in our platform, systems and people and provide an even higher
level of service to residents and clients across the country.”
“This is an exciting opportunity for all of the JPI Management Services
team members and clients,” said Robert D. Page, JPI President and Chief
Investment Officer. “JPI Management Services has been operating as a
separate division within JPI for a number of years, which will lead to a
smooth transition. Both JPI and Greystar have similar shared values –
they strive to hire the best people, reward integrity, and develop
leaders.”
JPI Management Services currently employs 1,150 associates managing more
than 41,000 units throughout Texas, California, the Pacific Northwest,
the Midwest and the Northeast. The management and staff will remain in
place creating a combined national force of more than 4,000 Greystar
team members.
About Greystar
As a fully integrated real estate investment and services company,
Greystar offers expertise in multifamily management, development and
investment throughout the United States.
• Headquartered in Charleston, SC
• Manages 140,000 units in 88 markets
• Investment of over $2.75 billion since inception
• Greystar team is more than 4,000 members strong and growing.
Greystar was founded in 1993 with the intent to become a provider of
world-class service in the multifamily real estate business. Greystar’s
innovative business model integrates the management, development and
investment disciplines of the multifamily industry on both national and
local levels. This unique approach and a commitment to hiring the best
multifamily professionals have resulted in solid growth, making Greystar
one of the most respected and trusted multifamily real estate companies
in the country. In 2008, the National Multifamily Housing Council ranked
Greystar 6th largest in its list of the top 50 multifamily property
managers in the nation.
Because the Greystar business model includes both investment and
service-oriented businesses, the company is able to maintain a constant
presence in local markets and create value in all phases of the real
estate cycle. Greystar’s national platform provides economies of scale,
financial sophistication, institutional-quality reporting and tremendous
capital relationships, while its city offices provide local market
expertise and execution.
Greystar’s dedication to redefining excellence in apartment living means
it is constantly exploring innovative ideas and pioneering new ways to
serve residents and clients.