Greystar Snags Riverstone

This is probably one of the bigger acquisitions we’ll see in the apartment industry:

Bob Faith’s goal is for Greystar Real Estate Partners to become the No. 1 or No. 2 apartment operator in most U.S. markets. Buying the competition is catapulting him toward that dream.

The acquisition of Dallas-based Riverstone Residential’s massive portfolio adds more than 170,000 units to Greystar’s platform, securing its place as the largest national property manager, by far.

The deal closed Monday for an undisclosed amount and was announced Wednesday. Faith says it was a deal that stemmed from long-term relationships and friendly competition.