Deal Impacts 3,200 Communities Across 17 States
Wood Partners, Atlanta’s fourth-biggest developer, is handing over property management for its approximately 38,000 units in 17 states to South Carolina-based Greystar.
According to the terms of the arrangement, which was revealed in a press release on Thursday, over 600 Wood Property Management personnel will become Greystar employees. Greystar will also act as the property manager for all present and future Wood-developed and owned properties.
Going forward, Greystar will operate 895,000 units in over 3,000 communities with 24,000 team members in the Wood portfolio.
Emulate Greystar's 6 Pillars of Excellence
As a recognized global leader in the property management arena, Greystar’s guiding philosophy serves as a good playbook owners of smaller, yet growing and aspirational, property management businesses.
The Charleston-based company describes the six pillars of its management philosophy as follows:
- People: We will have the highest quality people and stay true to our core values.
- Customer Satisfaction: We will strive for truly loyal residents, customers, and team members.
- Operational Excellence: We will be known for excellence in creating value at the individual property level and will have a performance metric system to keep ourselves accountable.
- Profitability: We will be profitable while continually investing in our people and systems.
- Growth: We will strive to consistently grow our company organically, as well as through selective business combinations that are strategic and culturally compatible. It is our goal to have a presence in all major markets.
- Community: We will be committed to community and industry service.
Contact CII Today
If you own an established property management business in Florida or Georgia and would like to get a better understanding of the current market value of your company and important steps you can take today to maximize that value, get in touch with a CII business advisor today.