C-III Capital Partners acquires two multifamily management groups
Real estate investment company C-III Capital Partners has acquired two multifamily property management businesses: Carrollton, Texas-based U.S. Residential Group and Pacific West Management out of Irvine, Calif. The two firms will operate under the name U.S. Residential Group with their current management teams remaining in place. Together, the combined unit will manage 24,000 multifamily units in 12 states. "The USRG and PWM acquisitions represent C-III’s next step in creating a fully diversified commercial real estate services company,” said Andrew Farkas, CEO of C-III. Three months ago, C-III acquired JER Partners special servicing and CDO management businesses. The company also inked a deal to buy NAI Global, a network of independent commercial property services firms, last summer. That deal is still waiting to close, the company said. Write to Kerri Panchuk.