Dive Brief:
- Oakline Properties has bought apartment operator Drucker + Falk, which has over 43,000 apartment units under management, according to a news release shared with Multifamily Dive on Dec. 19.
- The move comes less than three months after Alpine Investors launched Oakline Properties, a platform focused on partnering with and scaling property and association management businesses nationwide. In conjunction with that announcement, Oakline purchased Cirrus Asset Management, a Woodland Hills, California-based firm that oversees more than 20,000 units across multiple states.
- With the acquisition of Drucker + Falk, Alpine is getting a firm that ranked No. 40 on the National Multifamily Housing Council’s most recent Top 50. DF manages properties in 10 states and has over 1,000 employees. It has been under the leadership of third-generation owners and managing directors Wendy Drucker, Kellie J. Falk and David Falk Jr. since 2005.
Dive Insight:
In an interview earlier this year with Multifamily Dive, Amanda Sayigh, CEO of Oakline, laid out the firm’s goals.
“I want to build Oakline to be the best property management firm across the United States for our customers, for our owners, as well as for our employees,” she said. “If you can ace all those different factors, the sky’s the limit.”
Oakline is part of Alpine’s $4.5 billion Fund IX and actively exploring growth opportunities. “We will look and be selective to find additional property management firms that are of the Cirrus quality in other regions to partner with,” Sayigh said.
Drucker + Falk, founded in 1938 in Newport News, Virginia, by Emanuel Falk and A. Louis Drucker, sees its partnership with Oakline as a catalyst for growth.
“We are tremendously excited to partner with Oakline as they help us bring DF’s operations into its next phase of growth and scale,” Kellie Falk said in the release. “Our partnership provides the perfect puzzle piece that allows us to keep our foremost focus on providing best-in-class service for our customers, while continuing to invest behind our best asset, our people.”
The Drucker and Falk families will remain actively involved as business partners with the Oakline platform, which manages more than 65,000 units nationwide.
“From the outset, Oakline's people-oriented mission gave us the confidence that they will take care of our people and the company we have built,” said Wendy Drucker in the release. “We look forward to our next chapter and continuing to build on our property management industry leadership.”
Drucker + Falk was represented in the transaction by M&A advisors Transact Capital Partners, with the deal team led by Partner Patrick Morin and Managing Director Mark Leone.
“Wendy, Kellie, David and the team at Drucker + Falk have built one of the leading multifamily management firms in the US,” Sayigh said in the release. “We are deeply grateful for the opportunity to partner with them and to support the company's continued growth, while maintaining the attributes that have defined its success to-date."
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