Greystar Buys Stake in Thackeray Partners

The multifamily giant is expanding its sizable platform with its investment in the Dallas-based firm.
Photo by Erdenebayar Tursuld via Unsplash

Multifamily giant Greystar has agreed to acquire a stake in Dallas-based real estate investment firm Thackeray Partners.

The agreement entails Greystar acquiring 45 percent of Thackeray and includes an option to purchase the reminder of ownership interest in the firm within the next two years. Financial terms of the deal were not disclosed.


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Thackeray will stay in their Dallas offices, while co-founders Tony Dona and Mary Hager will continue to chair Thackeray’s fund business. Greystar Founder, Chairman & CEO Bob Faith said in prepared remarks that the investment in Thackeray will help expand Greystar’s multifamily platform and “capitalize on new opportunities.”

Greystar, the largest property management firm in the U.S. with 536,342 units under management in 2019, manages and operates a $200 billion portfolio of properties in close to 200 markets around the globe, according to the firm. The firm moved into its new, 82,000-square-foot headquarters in Charleston, S.C., in December 2019.

Thackeray currently has $1.5 billion in assets under management, which includes rental housing and industrial properties. Since its founding in 2005, the firm has closed or invested in deals totaling more than $5.3 billion, representing more than 23,200 apartment units and nearly 20 million square feet of industrial space.

Strategic investments

The deal follows several high-profile investments and announcements Greystar has made over the last few months. In June, Greystar joined Ivanhoe Cambridge Holdings and Bouwinvest Real Estate Investors in launching a $1.1 billion joint venture to develop and acquire housing for students and young professionals in the greater Paris region.

Also in June, Greystar announced it was acquiring the property management arm of apartment developer and manager Alliance Residential, boosting its portfolio by 130,000 apartment units. Greystar reportedly paid around $200 million in cash for the business.

Finally, Greystar announced earlier this month that it was launching a new senior housing brand aimed at the 55 and older segment. An executive with the firm told Multi-Housing News at the time that the brand was created in response to a growing demand for more affordable and active adult rental communities. The first project for the Album brand is a 180-unit senior community in Forth Worth, Texas, called Album Keller Ranch that has already launched construction and is expected to welcome residents in the spring of next year.