Single-Family Residential Property Management Leaders FirstService Residential Realty, TenantAccess and PropertyAccess Merge
Merger makes FirstService Residential Realty the largest provider of complete, end-to-end single-family property management services in North America
FORT LAUDERDALE, Fla.--(BUSINESS WIRE)-- FirstService Residential Realty today announced its merger with TenantAccess, Inc. and PropertyAccess, Inc. All three companies are subsidiaries of FirstService Corporation (NASDAQ: FSRV; TSX: FSV).
Operating under the FirstService Residential Realty name, the combined entity is now the largest, residential single-family property management company in North America, providing a single-source property and asset management solution for property owners, government-sponsored enterprises (GSE), banks, institutional investors and residents. The company offers a complete suite of services ranging from acquisition, market and property assessments, leasing and evictions through to disposition.
"FirstService Residential Realty offers banks, institutional and private investors a truly enterprise-level solution for residential property management, coupled with an unparalleled local reach," said Greg Tolander, CEO, FirstService Residential Realty.
"We are integrating the best practices from these companies to create a tier-one property management company focused on mitigating vacancies, leveraging operational efficiencies and maximizing real estate investments for our clients," he continued. "Property owners and institutional investors are seeking to maximize the return on their investment, optimize cash flow and support asset appreciation. Bringing all of these companies together provides an incredible depth of services for the clients we serve."
FirstService Residential Realty now provides services to more than 50,000 properties throughout the U.S. Its combined resources further enable the company to leverage and expand its local model to provide customized, on-the-ground service with standard operating procedures, centralized systems, oversight and reporting.
Greg Tolander, formerly chief operating officer of FirstService Corporation subsidiary Field Asset Services, has been appointed CEO of FirstService Residential Realty. Danielle Cooney, who previously served as vice president of National Operations for FirstService Residential Realty, was named chief operating officer. Jim Warren, formerly senior vice president with TenantAccess and PropertyAccess, was named chief marketing officer.
In total, FirstService Residential Realty has more than 250 employees located in the United States. In the merger, the company adds an executive and property management office in Austin, Texas.
About FirstService Residential Realty
Headquartered in Fort Lauderdale, FL, FirstService Residential Realty is the rental division of FirstService Corporation. FirstService Residential Realty manages residences at all price points, ranging from affordable housing to luxury high-rise multifamily communities. Its clients, including property owners, institutional investors and residents, are served by local market specialists in key markets across the U.S.
About TenantAccess & PropertyAccess
TenantAccess and PropertyAccess provide single-source national property management solutions for professional investors, banks and servicers. The companies deliver a full spectrum of services addressing the property management lifecycle, including valuation, acquisition, renovation, leasing, management, maintenance and future disposition, and specialize in managing the complexities and risks associated with REO and foreclosed single- and multi-family residences. Additional experience includes managing properties impacted by PTAFA (Protecting Tenants at Foreclosure Act), and properties within Section 8 and rent-control districts throughout the U.S.
About FirstService Corporation
FirstService Corporation (NASDAQ: FSRV, TSX: FSV) is a global leader in the rapidly growing real estate services sector, providing a variety of services in commercial real estate, residential property management and property services. As one of the largest property managers in the world, FirstService manages more than 2.3 billion square feet of residential and commercial properties through its three industry-leading service platforms: Colliers International, one of the largest global players in commercial real estate services; FirstService Residential Management, the largest manager of residential communities in North America; and Property Services, including Field Asset Services, one of America's largest providers of property preservation and distressed asset management; and FS Brands, one of North America's largest providers of property services through franchise networks.
FirstService generates over US$2.2 billion in annual revenues and has more than 23,000 employees worldwide. More information about FirstService is available at www.firstservice.com.
anthonyBarnum Public Relations
Darryl Frost, 512-329-1974
KEYWORDS: United States North America Florida
The article Single-Family Residential Property Management Leaders FirstService Residential Realty, TenantAccess and PropertyAccess Merge originally appeared on Fool.com.
Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
Copyright © 1995 - 2012 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.