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Under the newly created agreement, all properties owned by Wood will see their management duties transferred to Greystar.
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Property management firm Greystar announced this week a new partnership with Wood Partners, one of the largest rental housing developers in the United States.
Under the agreement, all properties owned by Wood will see their management duties transferred to Greystar, with Wood’s 635-person property management staff becoming Greystar employees. Greystar will serve as manager for all current and future Wood properties, according to a press release.
“We are excited to forge this new strategic partnership with the Greystar property management team,” Joe Keough, CEO of Wood Partners said in a statement. “Greystar is widely recognized as an industry leader within the property management space. Their collaborative approach throughout the integration process will pave the way for success not only for our robust portfolio of properties, but most importantly the dedicated associates that make up our talented property management team.”
Wood’s portfolio contains over 130 multifamily properties containing 38,000 units across 17 states, accounting for both existing and planned projects. The merger will bring Greystar’s management portfolio to over 895,000 units across 3,200 developments, and its staff count to over 24,000 people. Property management firms like Greystar have found themself the beneficiary of new apartment inventory coming online throughout the past year as multifamily projects that started after 2020 enter completion.
Wood, which is among the top five largest multifamily developers in the United States, is well known for its Alta-branded mixed-use apartment developments, having most recently opened the 325-unit Alta at the Farm outside of Dallas.
“Wood Partners is one of the highest-quality and most well-respected developers and owners of institutional quality rental housing properties in the country, and we are honored that they have selected Greystar to be their single-source provider for management services,” Mike Clow, executive managing director of Greystar’s U.S. real estate services said in a statement. “We look forward to welcoming the Wood property management team members to the Greystar family and are excited about the long-term nature of our continued partnership with Wood Partners and their leadership team.”