SC Apartment Manager Buys Irving Firm

One of the country's largest apartment management companies is expanding its South Carolina-based operations after acquiring an Irving firm.
Charleston-based Greystar Real Estate Partners announced Monday its acquisition of JPI Management Services, the management division of JPI of Irving, Texas. The purchase price was not disclosed.

The purchase will expand Greystar's operations to 140,000 units in 88 markets in 25 states and Ontario, Canada.

JPI Management had managed 41,000 units. It has 1,150 workers who will remain with Greystar, bringing Greystar's employment to more than 4,000.

The National Multi Housing Council, an industry trade group, says Greystar was the nation's sixth-largest apartment manager with about 94,000 units as of Jan. 1, 2008. The fifth-largest manager had 133,000 units at the time.

Copyright AP - Associated Press
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