IRVING, TX-Greystar Real Estate Partners has agreed to acquire Archon Residential Management, according to company executives and industry experts who declined to be named in this story.
A spokesman from Greystar said he could not "confirm or deny" the acquisition and calls to Archon were not returned, yet several Greystar employees confirmed to GlobeSt.com that the acquisition will close imminently. Moreover, several industry executives have also confirmed the acquisition through discussions with Greystar executives.
Charleston, S.C.-based Greystar is already one of the largest multifamily managers in the nation, according to the National Multi Housing Council (NMHC). It ranks as the third largest manager with more than 150,000 units under management about 75 markets. It employs more than 4,000 people.
Earlier this year, the NMHC also recognized Greystar for the second year in a row as the fastest growing management firm based on portfolio growth. In 2009, the firm increased the number of apartments under management by 13,819, according to the NMHC’s annual ranking of the 50 largest apartment managers.
In the last year, Greystar has opened two new offices in Chicago and DC. They added units in all markets of the country including 10,869 in California, 12,982 in Texas and 4,551 in the Mid-Atlantic.
Founded in 1993, Greystar has invested approximately $3 billion in multifamily investments since its inception. Bob Faith serves as chairman and CEO of the firm.
Archon Residential Management manages roughly 27 properties across the U.S., according to the firm's website. The Irving, TX-headquartered firm oversees assets in Arizona, California, Florida, Nevada, Texas and Virginia with the majority of those properties located in Florida.
The firm has district offices in Arizona and Florida. It is a subsidiary company of Archon Group LP, is an international, full-service investment management and support services company.
Greystar's acquisition of Archon comes 18 months after its acquisition of JPI Management Services in January of last year. Irving-based apartment developer JPI sold its management services business Greystar in a deal that expanded the South Carolina-based firm's portfolio by 50%.
JPI Management Services had about 1,150 employees and operated more than 41,000 apartments in Texas, California, the Pacific Northwest, the Midwest and the Northeast. The acquisition was done with no debt.
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