CHARLESTON, SC - Greystar Real Estate Partners, LLC announced, today, that they have acquired JPI Management Services, the management services division of Irving, TX based JPI. The acquisition solidifies Greystar's position as one of the leading multifamily real estate companies in the United States. The company's geographic footprint will expand into 88 major markets with more than 140,000 units making it one of the nation's largest management companies.
"The partners at JPI have built one of the country's most highly respected multifamily firms. Their focus on quality, integrity and performance is in line with Greystar's core beliefs," said Bob Faith, Greystar's Chairman and CEO. "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."
"This is an exciting opportunity for all of the JPI Management Services team members and clients," said Robert D. Page, JPI President and Chief Investment Officer. "JPI Management Services has been operating as a separate division within JPI for a number of years, which will lead to a smooth transition. Both JPI and Greystar have similar shared values – they strive to hire the best people, reward integrity, and develop leaders."
JPI Management Services currently employs 1,150 associates managing more than 41,000 units throughout Texas, California, the Pacific Northwest, the Midwest and the Northeast. The management and staff will remain in place creating a combined national force of more than 4,000 Greystar team members.
Greystar was founded in 1993 with the intent to become a provider of world-class service in the multifamily real estate business. Greystar's innovative business model integrates the management, development and investment disciplines of the multifamily industry on both national and local levels. This unique approach and a commitment to hiring the best multifamily professionals have resulted in solid growth, making Greystar one of the most respected and trusted multifamily real estate companies in the country. In 2008, the National Multifamily Housing Council ranked Greystar 6th largest in its list of the top 50 multifamily property managers in the nation.
Source: Business Wire