Greystar Real Estate Partners, LLC announced it has agreed to acquire 45 percent of Thackeray Partners (Thackeray), a private real estate investment firm with expertise in rental housing and industrial asset management, with the future option to purchase the remainder of ownership interest within the next two years.
Founded in 2005 by Tony Dona and Mary Hager, Thackeray has a distinguished track record of executing attractive investments in the rental housing and industrial asset classes across five separate funds, said the company in a statement. Financial terms of the transaction were not disclosed.
Headquartered in Dallas, to date, the firm has closed or committed to transactions totaling over $5.3 billion, representing over 23,200 rental housing units and nearly 20 million square feet of industrial space. Thackeray will remain in their Dallas office and co-founders Dona and Hager will continue to chair the Thackeray fund business.
“When we consider our long-term strategic priorities, investing in partners that are culturally compatible with capabilities that complement our existing business and leverage the platform we’ve built is of the utmost importance,” said Bob Faith, Founder, Chairman, and CEO of Greystar. “Partnering with Tony, Mary, and the entire Thackeray team adds expertise and core competencies in all aspects of investment, asset management, and ownership that we couldn’t be happier about. There is significant upside to this transaction, and we look forward to utilizing Thackeray’s 15-year track record in fund management to build on our multifamily platform and capitalize on new opportunities.”
“We have known Bob and the Greystar team for nearly three decades and have watched the firm grow through prudent investments and strategic partnerships to become the most sophisticated global leader in rental housing,” said Tony Dona, Co-Founder and Co-CEO of Thackeray. “We are optimistic about what this transaction will do for Thackeray and our partners, along with the opportunity to play a role in the continued growth and expansion of Greystar.”
“We believe our funds will continue to provide a truly special niche product yet will enjoy the added benefits provided by the size of the Greystar operating platform,” said Mary Hager, Co-Founder and Co-CEO of Thackeray. “We are excited about the future and the value this will create for our partners, and for the broader Greystar platform this will provide our people. We couldn’t ask for a more complementary partner than Greystar.”