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CHICAGO—Cushman & Wakefield reports it has entered into a definitive agreement to purchase the third largest US multifamily property management firm—Pinnacle Property Management Services, LLC of Dallas.
The deal, if finalized, would give C&W a foothold across 20 key U.S. multifamily markets. No financial terms of the transaction were disclosed.
Pinnacle manages more than 169,000 units across 839 properties for a variety of top multifamily owners including institutional, private and foreign investors; financial institutions; pension funds; private partnerships; sole owners and government housing groups.
“The acquisition of Pinnacle will greatly enhance our ability to provide a full complement of services to the many investors active in the multifamily space,” says Carlo Barel di Sant’Albano, chief executive of Global Capital Markets & Investor Services for Cushman & Wakefield. “Pinnacle is a proven industry leader with the specialized expert knowledge to help us seamlessly execute our clients’ multifamily investment strategies through the entire investment life cycle.”
Rick Graf, president and CEO of Pinnacle Property Management Services, will lead the Americas Multifamily Property Management platform for Cushman & Wakefield when the deal closes. “Cushman & Wakefield’s scale, depth of resources and exceptional people will add tremendous value for our current and future clients,” he says.
With the acquisition, Cushman & Wakefield will manage a total of more than 869 million square feet for its investor clients across the Americas.
In addition to its Dallas headquarters, Pinnacle Property Management maintains regional offices in Orlando; Atlanta; Denver; Houston; Minneapolis; Austin; Chicago; New York City; Bellevue, WA; Irvine, CA; Las Vegas, Portland, OR; Scottsdale, AZ and San Francisco.