The acquisition will expand Greystar's geographic footprint to 88 major markets with more than 140,000 units. It also adds at least $4 billion worth of real estate to the company's prior portfolio of approximately $11 billion.
Bob Faith, chairman and CEO of Greystar, stated in a release that JPI's focus on quality, integrity and performance is in line with his firm's own core beliefs. He added that all 1,150 JPI personnel will remain with Greystar, increasing its own national force to more than 4,000.
"Although today's economy is tumultuous, we are blessed to be on solid financial footing," Faith says. "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."
JPI's management portfolio encompasses more than 41,000 apartment units in Texas, California, the Pacific Northwest, the Midwest and the Northeast, according to Greystar. The acquisition now gives Greystar a presence in every region of the US.
Greystar was founded in 1993 and has since invested more than $2.7 billion in properties. The National Multifamily Housing Council ranked it as the sixth-largest property manager last year.
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