Greystar Real Estate Partners Acquires JPI Management Services
- Jan 06, 2009
By Anuradha Kher, Online News EditorCharleston, S.C.–Greystar Real Estate Partners LLC has acquired JPI Management Services, the management services division of Irving, Texas-based JPI, for an undisclosed amount. With this acquisition, Greystar now expands into 88 major markets with more than 140,000 units. “We recognized that the multifamily property management business is consolidating and that seems like the best way to serve our customers as well as offer better opportunities for our employees,” Bob Faith, Greystar’s chairman and CEO, tells MHN. “It is an advantage of economies of scale. Also, our geographic platform really becomes national with this and we believe this is critical to our success going forward.” Prior to this acquisition, Greaystar had a small presence in California and the Midwest and no presence in the Northeast. “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,” says Faith. Robert D. Page, JPI president and chief investment officer, says, “JPI Management Services has been operating as a separate division within JPI for a number of years, which will lead to a smooth transition.” With this acquisition, JPI, the owner of all the JPI Management assets becomes a client for Greystar, with Greystar providing property management services to the company.