Finger Cos. Sells $2B National Portfolio
The ensemble of assets includes more than 20 garden-style and mid-rise communities.
The Finger Cos.’ latest community in Houston, The Caroline, delivered in October last year.
A Greystar-led joint venture has agreed to pay The Finger Cos. $2 billion for more than 20 communities nationwide. JLL Capital Markets represented the seller. The sale is expected to close in December, according to the Houston Chronicle.
As part of the deal, Greystar will retain all the seller’s on-site employees. The team working with The Finger Cos. included Executive Managing Director Scott Galloway, Senior Director Dustin Selzer and Senior Managing Director Roberto Casas.
Although individual properties were not disclosed, the sale will significantly reduce The Finger Cos.’ holdings nationwide. The company’s website showed 37 properties under ownership—or just shy of 13,000 units, according to Yardi Matrix.
The Finger Cos. has developed more than 28,000 units during its six-decade history. The firm is primarily active in its home territory of Houston, with other developments in or near Chicago, Atlanta, Dallas and Los Angeles.
Until this latest deal, the company had retained and operated the vast majority of its development portfolio. Yardi Matrix shows only two sales from the firm in the past decade: The $118.5 million disposition of the 640-unit Lake+House in Wheeling, Ill., in 2014, and this year’s July sale of Towne Plaza, a 333-unit property in Houston.
