Asset Plus Companies, a US-based third party management company, has acquired Greystone Asset Management, a multifamily property management company in Texas.
The two companies officially began doing business together from 1 July 2013.
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Although Asset Plus Companies now owns 100% of Greystone and they plan to treat the transaction much more like a merger. Greystone will continue to function as a separate entity from Asset Plus Companies.
Together with Greystone, Asset Plus manages a portfolio of 194 properties, exceeding 41,000 units located throughout the US.
David Hargrove, president and founder of Greystone Asset Management, said: "I am very excited about the future of our combined companies. By bringing together two groups of highly skilled and highly motivated real estate management professionals we can offer more to our existing clients and to other multifamily owners seeking management services."
Michael McGrath, CEO of Asset Plus Companies, said: "We believe joining forces with Greystone propels our continued vision of providing the ultimate living experience for our residents and our clients as Greystone brings a depth of experience, financial expertise and a loyal client base within this arena."
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