Two apartment assets management firms have merged, forming a company that will operate nationally beneath an Austin-based mostly model.
Austin-based RPM, formerly recognized as Roscoe Property Management, and Atlanta, Ga.-primarily based CF Actual Estate Services announced this week that they have mixed. The merger creates a countrywide apartment residence administration agency with a lot more than 84,000 units across 17 states.
The merged enterprise will function below the RPM brand name across the U.S.
RPM is one particular of the largest multifamily management providers in Texas.
Organization executives mentioned the combined business will be 1 of the largest third-party providers of genuine estate and home management solutions nationwide. They mentioned the merger will pave the way for continued advancement this 12 months, with leaders from both of those firms on the govt crew to manual the organization going ahead.
The merged firm will have much more than 1,800 employees. The main headquarters will be in Austin, with regional headquarters in Atlanta. Other workplaces are in Charleston, Chicago, Dallas, Denver, Houston, Tampa, Phoenix, San Antonio and Washington D.C.
In the Austin area, RPM employs 516 people today. The merger extra just one house in Austin and many much more will be coming to industry this year, which will final result in more development at that time, RPM claimed.
“We are forging a strong entrance into the Southeast and Midwest markets backed by an exceptional portfolio,” Jason Berkowitz, RPM’s president and founder, mentioned in a composed assertion. “This merger definitely expands our geographic attain, strengthens our businesses and delivers important possibilities for the upcoming.”
Launched in 2002, RPM included above 19,000 units to its portfolio in 2020. Before the merger, it experienced extra than 58,000 condominium models underneath management in six states: Texas, Arizona, Colorado, Wyoming, Florida and North Carolina.
CF Actual Estate Products and services was founded in 2004 in Atlanta by Byron Cocke and Brett Finkelstein.
CF Actual Estate Companies executives explained its portfolio totals more than 26,000 condominium units, which include its college student housing division, Campus 1st, which operates in main collegiate marketplaces nationwide.
In addition to the brand change from CF to RPM, Berkowitz explained, a major modify will be to “enrich the resources and experience out there though making on CF’s superb relationships in Austin. In addition, with RPM’s aim on engineering and innovation, citizens will reward from a technological know-how suite that will offer important conveniences.”