Major Property Management Acquisitions This Month
Two property management M&A deals took place this week, while a third property management acquisition in the self storage segment was announced.
All three of the property management acquisitions involved U.S. based companies acquiring other U.S. assets.
All of the property management company buyers are seasoned players in the space. The two acquired targets are well established players serving their local markets for decades.
FirstService Residential Acquires Rizzetta & Company
Here in Florida, Dania Beach-based FirstService Residential acquired Tampa-based Rizzetta and Company.
SMI Property Management Acquires JPM Real Estate Services
Rizzetta & Company is a Florida professional community management and consulting firm that provides services to residential and commercial communities.
Rizzetta & Company is one of the largest Special District Management firms here in the Southeast. In Florida, these are referred to as CDDs, a unit of special-purpose government dedicated to the delivery of urban community development services.
SMI Property Management Acquires JPM Real Estate Services
The second closed property management company acquisition took place in Oregon with Keizer-based SMI Property Management acquiring Portland’s JPM Real Estate Services.
JPM Real Estate Services founder Jack Palmer started the company in 2004 and grew his property management business to over 2,500 individual units across 75 properties ranging from single family units up to 200-plus unit communities.
The friendly merger means that SMI will expand its industry-leading services into the greater Portland area, while maintaining all staff and properties served by JPM.
“We are excited about this new opportunity to provide property owners with our wide-range of management services and to help renters find fair-priced, accessible housing in the greater Portland area,” said Gabe Johansen, President and CEO of SMI Property Management.
IPC Alternative REIT and Self Storage Portfolio V DST
The third property management transaction announced this week involves an Illinois buyer and an Illinois-based target with multiple self storage facilities in the Southeast.
Oak Brook-based IPC Alternative Real Estate Income Trust announced this week their planned acquisition of Self Storage Portfolio V DST, the owner and operator of 4 self storage facilities with a combined 2,282 units in Metro Atlanta and Montgomery, Alabama. The property information from the initial Offering Memorandum appears below.
If you own an established property management business and would like to know more about the current market value and M&A potential for your business, reach out to a CII advisor today for a no-obligation, 100% confidential consultation.