Chicago Property Management Firm Continues Expansion with Owl Management Merger Deal
With the merger deal, Westward360, which provides real estate management services for rental property owners and community associations, will now be known as W360 and will employ more than 200 employees in Chicago.
CHICAGO—Locally-based real estate management services firm Westward360 has increased in assets under management with its merger deal with Owl Management of Chicago to $4.5 billion.
With the merger, Westward360, which provides real estate management services for rental property owners and community associations, will now be known as W360 and will employ more than 200 employees in Chicago.
“Merging with Owl Management is a valuable step forward in our plan for managed growth—partnering with successful companies who share our vision of a complete range of quality services for property owners. Westward360 will continue to evolve and lead as a team with deep experience in the industry,” says Brent Straitiff, CEO of Westward360.
Established in 2011, Owl Management managed more than 900 units with a staff of 23, including an in-house maintenance division and in-house leasing services.
No financial terms of the transaction were disclosed.
“Joining forces with the Westward360 team is a strategic opportunity to share resources and expertise, broaden our range of services and expand our coverage area for customers,” says Owl managing director Lauren Hundman. “It is critical that we stay innovative and open to new ways of operating, finding efficiencies and streamlining processes to provide better service. That has been our path to success, and we will continue to build on that by teaming with Westward360.”
With the addition of Owl, Westward360 now serves clients in 35 states, as well as more than 10 countries, including Ireland, China, India, Canada, Singapore, Norway, Malaysia and Mexico.
“With two mergers and one acquisition completed to date in 2019, we are excited about the possibilities all of this will provide the organization,” says Nathan Brown, chief investment officer, Westward360. “It will enable us to increase our investment in infrastructure, including innovative technology to provide a better customer experience at a better value for our clients.”
Besides Straitiff, Brown and Hundman, Westward360′s leadership team includes: Brawley Reishman, CTO; David Westveer, CFO; Ian Duni, CSO; Travis Taylor, COO and Patrick Gill, CMO.
In March, Westward360 acquired Peak Properties’ Condominium Association Division.
The addition of the Condominium Association Division added nearly 1,500 residential units to Westward360′s portfolio. Peak Properties was a full-service management and investment firm.
In January, Westward Property Management and TriView Property Management merged their real estate management services. The firms renamed the company Westward360. The merger brought the new entity’s portfolio to approximately 600 buildings comprising approximately 25,000 units under contract, according to a report in Re Journals.
Terms of both the Peak Properties and TriView Property Management deals were not disclosed.