LOS ANGELES-National real estate investment and property management company the Laramar Group has acquired JB Partners Group Inc. for an undisclosed amount. The transaction will add five new properties with 500 units to the company's property portfolio, and 77 properties, totaling 7,000 units, to the company's property management portfolio.

“This was very good timing, the right price and because we had a long-standing relationship with JB Partners Group, this was an opportunity for us to advance into and grow our Southern California platform,” Jeff Elowe, president and CEO of the Laramar Group, tells GlobeSt.com.

In addition to gaining several new properties and property management clients, the Laramar Group will add 170 JB Partners Group employees to their Los Angeles and Monterey markets. The two firms have a 20-year relationship that will ensure a smooth transition and, according to JB Partners Group selling principal Bob Hart, leave former residents and employees “in good hands.”