Greystar acquires Texas company

Greystar Real Estate Partners LLC of Charleston has acquired JPI Management Services of Irving, Texas, making Greystar one of the nation’s largest management companies, with more than 140,000 units in 88 major U.S. markets.

“The partners at JPI have built one of the country’s most highly respected multifamily firms. Their focus on quality, integrity and performance is in line with Greystar’s core beliefs,” said Bob Faith, Greystar’s chairman and CEO. “Although today’s economy is tumultuous, we are blessed to be on solid financial footing. The combining of the companies is being done with no debt, allowing Greystar to continue to invest in our platform, systems and people and provide an even higher level of service to residents and clients across the country.”

“This is an exciting opportunity for all of the JPI Management Services team members and clients,” said Robert D. Page, JPI president and chief investment officer. “JPI Management Services has been operating as a separate division within JPI for a number of years, which will lead to a smooth transition. Both JPI and Greystar have similar shared values — they strive to hire the best people, reward integrity and develop leaders.”

JPI currently employs 1,150 and manages more than 41,000 units throughout Texas, California, the Pacific Northwest, the Midwest and the Northeast. JPI’s management and staff will remain in place, creating a combined national force of more than 4,000 Greystar employees.

Greystar was founded in 1993 in Houston. In 1999, it moved its headquarters to Charleston. In 2008, the National Multifamily Housing Council ranked Greystar sixth-largest in its list of the top 50 multifamily property managers in the nation.