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Greystar, biggest U.S. apartment manager, buys out No. 2 firm

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Greystar, biggest U.S. apartment manager, buys out No. 2 firm

Greystar completed its Elan Midtown apartment development in Charleston earlier this year. The lobby is shown.

Charleston-based Greystar Real Estate Partners, the country's largest player in the apartment management industry, has snapped up its biggest U.S. competitor.

The Broad Street firm said Thursday it has purchased Riverstone Residential Group from its British owner, CAS Capital Ltd. Terms of the deal weren't disclosed.

Greystar said its latest acquisition - one of several it has made - cements its "position as one of the world's leading multifamily real estate services companies, with over 385,000 apartment units under management in major markets throughout the United States and abroad."

Dallas-based Riverstone runs apartment properties in all but about a dozen states.

"Combining forces makes us even stronger, especially in local markets where we are bringing together some of the most talented and experienced multifamily professionals in the industry," Greystar founder and CEO Bob Faith said in a statement.

The company said the deal particularly expands its presence in the western U.S. Greystar's combined work force now totals more than 10,000 employees.

Riverstone's website shows that three of the four South Carolina properties it manages are in the Charleston area: Bees Ferry Apartments in West Ashley, Central Square at Watermark Apartments in Mount Pleasant and Silvana Oaks in North Charleston. The other is in Myrtle Beach.

Peter Gould, vice chairman of CAS Capital, called Greystar "a great strategic and cultural fit" for Riverstone.

Greystar's local projects include the recently completed Elan Midtown apartment complex at Meeting and Spring streets in downtown Charleston.

The company also is a partner in the first phase of nearby Courier Square, a mixed-use development being proposed by Evening Post Industries, which owns The Post and Courier.

Contact John McDermott at 937-5572.

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