By Ashley Barker
Published June 9, 2014
Charleston-headquartered Greystar Real Estate Partners has purchased an apartment management company that oversees units for rent throughout the United States.
Greystar acquired Dallas-based Riverstone Residential Group from London’s CAS Capital Ltd., itself a wholly owned subsidiary of Regis Group PLC, which is owned by Nick and Peter Gould, according to a news release.
A Gresystar spokesman said the company cannot disclose the purchase price and the merged companies will operate under the Greystar brand.
Bob Faith, Greystar’s chairman and CEO, said Riverstone is one of the nation’s most highly respected multifamily firms.
“Our local teams are well-resourced and will now harness the power of our combined technology and service platforms to further expand our service offerings to our clients, partners and residents,” Faith said in a statement.
Greystar recently expanded its operations internationally to Mexico and the United Kingdom. With Riverstone, Greystar will have a workforce of more than 10,000 employees.
“We believe Greystar is a great strategic and cultural fit for the company and are proud that they will continue our legacy in providing high-quality services to clients and residents,” Riverstone Vice Chairman Peter Gould said in a statement. “We now entrust a great company to Bob Faith as we move on to continue what we do best, creating and growing our other large-scale business platforms.”
Greystar manages more than 385,000 apartment units in 100 markets; is working on about $1.5 billion in developments; and has $7.5 billion worth of assets in major markets globally, according to the company.
Reach staff writer Ashley Barker at 843-849-3144 or @AshleyNBarker on Twitter.