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.”

The Laramar Group regional VP Joe Coleman is leading the Southern California expansion, which is expected to be substantial over the next two years. “We are planning continued expansion in Southern California, and California in general, and our anticipation is to grow into an excess of 10,000 units in the next year or two,” says Elowe. “We plan to pursue other management companies and platform acquisitions similar to JB Partners Group, not only in Southern California but in other major cities as well.”

Previously, the group has acquired multifamily properties in Charlotte, NC and Chicago, as reported by GlobeSt.com.

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Kelsi Maree Borland

Kelsi Maree Borland is a freelance journalist and magazine writer based in Los Angeles, California. For more than 5 years, she has extensively reported on the commercial real estate industry, covering major deals across all commercial asset classes, investment strategy and capital markets trends, market commentary, economic trends and new technologies disrupting and revolutionizing the industry. Her work appears daily on GlobeSt.com and regularly in Real Estate Forum Magazine. As a magazine writer, she covers lifestyle and travel trends. Her work has appeared in Angeleno, Los Angeles Magazine, Travel and Leisure and more.

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