HOUSTON, TX - Asset Plus Companies, a Houston-based third party management company, announced the acquisition of Greystone Asset Management, the fourth largest multifamily property management company in Houston, Texas. The two companies officially began doing business together on July 1, 2013.
"We believe joining forces with Greystone propels our continued vision of providing the ultimate living experience for our residents and our clients as Greystone brings a depth of experience, financial expertise and a loyal client base within this arena," said Michael McGrath, CEO of Asset Plus Companies. "We believe that now is the right time to join forces with Greystone as there is great opportunity to leverage each other's strengths and move even faster towards our long-term vision."
From a logistical standpoint, Greystone will still function as a separate entity from Asset Plus Companies. Although Asset Plus Companies now owns 100% of Greystone, they plan to treat the transaction much more like a merger. Both companies are confident that the union will create a stronger, faster, more capable company.
Together with Greystone, Asset Plus manages a portfolio of 194 properties, exceeding 41,000 units located throughout the United States.
"I am very excited about the future of our combined companies. By bringing together two groups of highly skilled and highly motivated real estate management professionals we can offer more to our existing clients and to other multifamily owners seeking management services," said David Hargrove, President and Founder of Greystone Asset Management. "Michael and Ryan have created a strong organization with top notch employees throughout. I believe the addition of the associates at Greystone will create a truly outstanding group."
"We have carried a huge amount of respect for Greystone over the years, as they are an industry leader in both client satisfaction and ethical standards," said Michael McGrath. "When the opportunity to acquire the company presented itself, we took it very seriously. We are excited to officially call Greystone Asset Management part of the Asset Plus Companies family."