(Save the date: RealShare Apartments comes to the Westin Bonaventure, Los Angeles, October 24.)
PORTLAND, OR-Guardian Real Estate Services LLC and Legacy Management Group recently approved a merger agreement in which Guardian will operate all of Legacy Management Group’s multifamily properties located in Washington, Oregon, Texas, Arizona, Utah and Alaska. Legacy Management Group has closed its Everett, WA, operations and all operations have merged under Guardian Management LLC., headquartered here in Portland, OR.
Thomas Brenneke, president of Guardian, tells GlobeSt.com that “other firms were considered” by the Legacy principals, but that this was a good match in terms of geography overlap, and similar property types like affordable and multifamily.
Brenneke tells GlobeSt.com that “the timing was right—coming out of a difficult real estate cycle and heading into a strong one.” He adds that Guardian worked at positioning itself for growth during the down cycle and with this merger, “found the right match in the early part of this new cycle.” He adds that “This merger really represents several or more years of growth in a single deal.”
With the agreement, Guardian’s portfolio grows by 150 properties for a total of more than 18,000 multifamily units; the firm now becomes one of the largest vertically integrated firms on the West Coast offering a diversified platform that includes management, development, investment and advisory services, according to a statement; and will capitalize on a substantial opportunity to take “the valuable in-house expertise of two companies to create an unparalleled depth of expertise in the provision of custom solutions and creative capacity—all under one roof.”
Brenneke explains that Guardian was looking to expand in Washington State and has also now gained some great talent in Texas where it “didn’t have a large enough presence.”
The firm’s headquarters office will remain in Portland, and the company will establish a new office in Seattle this month.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 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.
Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
