Wood Partners Transfers Property Management Operations to Greystar

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Wood Partners logo featuring a stylized tree and skyscrapers, representing property management and development in the context of the real estate industry.

Deal Impacts 3,200 Communities Across 17 States

Modern multi-story residential building with landscaped surroundings, part of Wood Partners' portfolio, highlighting property management transition to Greystar.

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.

Regarding the motive behind the deal, a Greystar executive was quoted as saying that Greystar has advantages of scale considering they currently manage 2-3x the number of properties of Wood Partners with a presence in 25 more cities.
 
Greystar also has a large international footprint with apartments under management in twelve foreign countries including Austria, Brazil, China, France, Germany, Spain and the U.K.
Image showcasing three Alta properties: a modern living room in Alta City Side, Nashville, Tennessee; a sleek commercial building in Alta Grand Central, Chicago, Illinois; and a contemporary residential structure in Alta Peak, Portland, Oregon.

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:

  1. People: We will have the highest quality people and stay true to our core values.
  2. Customer Satisfaction: We will strive for truly loyal residents, customers, and team members.
  3. 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.
  4. Profitability: We will be profitable while continually investing in our people and systems.
  5. 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.
  6. Community: We will be committed to community and industry service.
World map highlighting Greystar's global presence with statistics: 23,800+ team members, 247 global markets, and 64 offices.

Leverage Greystar's Expertise to Optimize Property Management

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. 

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