Just a few weeks after announcing plans to acquire one commercial real estatebrokerage firm and help bank roll another, an investment firm controlled by Andrew L. Farkas has acquired two affiliated multifamily property management businesses - U.S. Residential Group (USRG), in Carrollton, TX; and Pacific West Management (PWM), in Irvine, CA.
Together, USRG and PWM currently manage 24,000 multifamily units in 12 states. Farkas is combining the operations of USRG and PWM and it will operate as a subsidiary of Farkas' C-III Capital Partners LLC under the U.S. Residential Group name.
C-III commenced operations with the purchase of Centerline Capital Group's institutional real estate debt fund management and commercial mortgage loan servicing businesses in March 2010. Since that time, C-III has successfully launched mortgage origination, investment sales and title insurance businesses and it has expanded its principal investment, loan origination, fund management, and primary and special loan servicing businesses.
Then this past June, C-III announced that it had entered into an agreement to acquire NAI Global, which is the largest world-wide network of independent commercial property services companies that provide property management, leasing, investment sales brokerage and ancillary commercial real estate services. That transaction has not yet closed.
In addition, C-III is in exclusive talks to execute "a strategic transaction' that would provide a much needed cash infusion for troubled commercial real estate services firm Grubb & Ellis Co.
In August, C-III acquired the special servicing and CDO management businesses of JER Partners.
"The USRG and PWM acquisitions represent C-III's next step in creating a fully diversified commercial real estate services company," said Andrew L. Farkas, CEO of C-III and the former founder and CEO of Insignia Financial Group Inc.
Financial terms of the transaction were not disclosed.
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