Greystar Takes Over Wood Partners’ Property Management Arm
More than 600 Wood team members will move to Greystar.
Greystar is taking over Wood Partners‘ property management arm, combining the businesses.
As part of the agreement, Greystar will also head up management of any and all of Wood Partners’ future developments.
Following the merger, 625 Wood Partners employees will transfer to Greystar, whose portfolio spans over 140 existing and under-development Class A multifamily communities in 17 states and more than 38,000 units. Its post-Wood Partners combined management portfolio will exceed 3,200 communities, more than 895,000 units.
New assignments
Mike Clow, executive managing director of Greystar U.S. Real Estate Services, touted the firms’ similarities and Wood Partners’ pivot to a primarily development focus in an interview with Multi-Housing News. “It’s a chance to manage for a large, well-respected top five developer,” Clow said. “It’s never been about being the biggest, it’s about being the best.”
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There is no shortage of new property management assignments for Greystar, especially as high volumes of new supply in some of the nation’s strongest markets further decrease rents. Even in the current lending and interest rate environment, Clow has an optimistic outlook for the sector, noting that it is not only residents who are looking for quality management—developers are too. “When times are good, it has hard to differentiate good from great.”
JLL Securities acted as Wood Partners’ financial adviser for the transaction.
Wood Partners’ other endeavors
Wood Partners, known for their Alta line of luxury and mixed-use communities, is not slowing down on the development front. In October, the firm opened Alta at The Farm, a 325-unit community situated inside a 135-acre mixed-use development located outside of Dallas.
