Search
 

Greystar Acquires JPI Management Services

CHARLESTON, SC-The deal is expected to boost the local firm's annual revenue by 50%.

By Carl Cronan | Updated on January 05, 2009

CHARLESTON, SC-Locally based Greystar Real Estate Partners has acquired JPI Management Services of Irving, TX, solidifying its position as a leading national multifamily real estate company. The purchase price was not disclosed, though a company spokesman tells GlobeSt.com that the move is expected to boost Greystar’s annual revenue from $40 million in 2008 to $60 million by the end of this year.

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.