JLL Securities advises Wood Partners on strategic partnership with Greystar
This agreement marks JLL Securities’ second transformative multi-housing platform transaction for a top national developer in recent months
NEW YORK, Feb. 15, 2024 – Jones Lang LaSalle Securities, LLC, an affiliate of Jones Lang LaSalle Americas, Inc., announced today that it served as the financial advisor to Wood Partners, a top national developer and builder of multi-housing in the United States, in their transfer of property management operations to and formation of a long-term property management services agreement with Greystar, a global leader in the investment, development and management of institutional quality rental housing.
As part of the new partnership, Wood Partners and Greystar have entered a long-term preferred management services provider agreement, which allows Greystar to serve as the property manager for all of Wood’s current and future assets.
Wood Partners’ property management portfolio included over 130 Class A multi-housing properties totaling 38,000 units across 17 states. Greystar’s combined portfolio now features over 895,000 units across over 3,200 communities, managed by a team of over 24,000 members, including additions from the Wood Partners team.
The JLL Securities team that led the transaction includes Executive Managing Director Mark Gibson, Senior Managing Director Steve Hentschel and Vice President Anderson Granger.
This Wood Partners and Greystar agreement follows a December 2023 announcement of another JLL Securities-advised residential platform transaction. The same JLL Securities team represented JPI, a top 10 multi-housing developer in 2022 per NMHC, on the sale of its operating platform to Sumitomo Forestry.
“The Wood and JPI transactions are indicative of the accelerating strategic dialogue in real estate platform investing,” said Hentschel. “Strong management teams with development, construction, property management or other expertise have garnered significant recent attention from investors, as they can provide a direct pipeline of future opportunities and enhanced returns compared to traditional real estate investing. JLL Securities’ intimate knowledge of these real estate operating company dynamics continues to drive significant value for our clients.”
Jones Lang LaSalle Securities, LLC is a registered broker dealer and member of FINRA/SIPC.
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About Greystar
Greystar is a leading, fully integrated global real estate company offering expertise in property management, investment management, development, and construction services in institutional-quality rental housing, logistics, and life sciences sectors. Headquartered in Charleston, South Carolina, Greystar manages and operates more than $290 billion of real estate in 247 markets globally with offices throughout North America, Europe, South America, and the Asia-Pacific region. Greystar is the largest operator of apartments in the United States, manages more than 857,400 units/beds globally, and has a robust institutional investment management platform comprised of more than $76 billion of assets under management, including over $34 billion of development assets. Greystar was founded by Bob Faith in 1993 to become a provider of world-class service in the rental residential real estate business. To learn more, visit greystar.com.
About Wood Partners
Wood Partners is a national leader in the development, construction, and management of multifamily communities across the United States. The company has been involved in the acquisition and development of more than 100,000 conventional multifamily homes with a combined capitalization of $20 billion. The company currently owns more than 75 properties across the United States representing over 23,000 units. Headquartered in Atlanta, Wood Partners has offices in 22 major markets across 15 states nationwide. For more information, visit woodpartners.com.
About JLL
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 106,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.