Greystar buys apartment management firm

Charleston-based Greystar Real Estate Partners said Monday that it has acquired a large apartment management firm in deal that makes it one of the biggest companies in its industry.

Terms of the sale of JPI Management Services, a unit of Irving, Texas-based JPI, were not disclosed.

"Although today's economy is tumultuous, we are blessed to be on solid financial footing," said Bob Faith, Greystar's chief executive and a former state commerce secretary for South Carolina. "The combining of the companies is being done with no debt allowing Greystar to continue to invest in our platform, systems and people and provide an even higher level of service to residents and clients across the country."

JPI Management has 1,150 employees overseeing more than 41,000 rental units in Texas, California, the Northwest, the Midwest and the Northeast. No layoffs are planned.

The acquisition brings Greystar's payroll to more than 4,000 workers. The company now manages 140,000 units in 88 markets.

In 2008, the National Multifamily Housing Council ranked Greystar as the sixth-largest multifamily property managers in the United States.