Cushman & Wakefield has entered into a definitive agreement to purchase Dallas-based Pinnacle Property Management Services.
Subject to customary closing conditions, the purchase establishes Cushman & Wakefield’s U.S. Multifamily Property Management platform. Rick Graf, president & CEO of Pinnacle, will lead this platform in the Americas. Following the merger, Cushman & Wakefield’s management portfolio will increase to a total of almost 870 million square feet.
According to National Multifamily Housing Council’s latest rankings, Pinnacle is the third-largest multifamily property management firm in the U.S., following only Greystar Real Estate Partners—with roughly 450,000 units under management in 2019—and Lincoln Property Co., with approximately 190,000 apartments. The NMHC survey listed Pinnacle as overseeing 169,000 units across 839 properties nationwide.
Pinnacle manages market-rate apartments, senior and student housing units, owned by institutional, private and foreign investors, financial institutions, pension funds, private partnerships, government housing groups and private owners. Founded in 1980, Pinnacle currently has 14 regional offices across the U.S., according to the company’s website.