RPM Living to Manage 5,000-Unit Multifamily Portfolio
GSH Group has selected the property manager to oversee 16 communities.
The GSH Group has selected RPM Living to oversee property management operations for the entirety of its multifamily portfolio, which spans sixteen properties totaling over 5,000 units.
RPM will provide the full suite of its property management operations, including maintenance, marketing and leasing services. The firms are likely to collaborate on value-add renovations to the communities’ apartments, amenities and service offerings.
RPM has been assuming property management responsibilities for the portfolio in increments, with the first properties coming under the firm’s oversight in November of 2022. The most recent portion came under the new manager’s wing in February.
The properties in the portfolio were acquired by GSH between 2019 through 2022 and are located in Michigan, Ohio, Indiana, Florida and Maryland. Asset classes range from transit-oriented affordable and workforce housing to build-to-rent luxury townhomes. GSH is currently conducting value-add renovations at several of the properties, including upgrades to building exteriors and community amenities.
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The partnership brings RPM’s midwestern property management portfolio to over 7,000 units. In Multi-Housing News’ 2022 ranking of top property management firms, RPM is ranked as the fourth largest company of its kind in the U.S. As of 2021, it oversees 112,872 units, with an occupancy rate of 93 percent.
One property in the portfolio is The Grove, a 320-unit luxury townhome community located at 3240 Killian St. NE in Grand Rapids, Mich. The community was developed and built in 2022 by Thompson Thrift, which sold it to GSH in March of 2023 for $44.4 million.
In nearby Kentwood, Mich., RPM is overseeing management of Foote Hills, a three-story 182-unit garden-style community located at 4630 Common Way Dr. SE. According to Yardi Matrix information, GSH acquired the community in 2020 for $25 million. The property is sectioned into one-, two-, and three-bedroom living arrangements, and includes a swimming pool, fitness center, business center, community room, tennis court and playground.
Elsewhere in the Midwest, the RPM will manage Veridian Castleton, a 398-unit townhome community located at 4503 Ivywood Circle in Indianapolis, Ind., that was built in two phases between 1968 and 1970. GSH acquired the property in 2021 for $44.5 million, according to Yardi Matrix. The all-brick buildings feature units with stainless steel appliances, granite countertops and plank flooring.
The firm also services Colony Club Apartments & Townhomes, a 588-unit townhome-style property in Bedford, Ohio, that GSH purchased in 2019, according to Yardi Matrix data.