Real estate services firm Cushman & Wakefield completed the acquisition of Pinnacle Property Management Services in March. Pinnacle remains at the No. 3 spot on the 2020 NMHC 50 Top Managers list, with just over 169,000 units in its management portfolio in 2019.
The acquisition helps Cushman & Wakefield establish a foothold across 20 key markets and enhances its ability to meet the demand for fully integrated real estate services from multifamily investors, according to the firm.
“It’s an exciting time at Cushman & Wakefield as we expand our ability to provide a full complement of services to our investor clients in the multifamily space,” said Marla Maloney, president, Asset Services, Americas. “We look forward to integrating our industry-leading platform with Pinnacle’s proven expertise to seamless execute our clients’ multifamily investment strategies.”
Pinnacle, which will be under Cushman & Wakefield’s Americas Asset Services business, manages properties for top multifamily owners, including institutional, private, and foreign investors; pension funds; financial institutions; private partnerships; and individual owners. With the acquisition, Cushman & Wakefield manages more than 869 million square feet for its investor clients.
“We are excited to continue our commitment to delivering exceptional value to our clients as part of Cushman & Wakefield,” said Pinnacle president and CEO Rick Graf. “Our aligned client-centric focus and combined strength in people, resources, and client relationships presents growth opportunities for all involved in the acquisition.”
In February, Hunt Cos., which invested in Pinnacle in 2014, entered into an agreement to sell its majority interest in the property manager to Cushman & Wakefield. Hunt ranks No. 19 on the 2020 NMHC 50 Top Managers list.
