Last week, apartment management co. Greystar bought Alliance Residential, the fourth-largest management co in the U.S.
The $200M purchase was all cash.
This adds 130,000 housing units across 21 states to Greystar's portfolio
Despite Covid-19 effects, CEO's of both firms were able to negotiate & seal a deal.
The combined portfolio increases Greystar's footprint by 25%.
Rents in the multifamily space remain flat despite the challenges with one D.C. developer stating lease-up activity has been robust throughout the pandemic.