Dive Brief:

• Blue Ridge Cos. has transitioned its management portfolio of over 10,000 units across 35 properties to Dallas-based Willow Bridge Property Co., effective May 1, according to a news release.
• After exiting day-to-day management, Blue Ridge will focus on future development and long-term asset performance. The partnership will allow the High Point, North Carolina-based apartment developer and owner to leverage Willow Bridge’s technology and scalable operational efficiencies.
• Blue Ridge’s site-level employees will join the much larger Willow Bridge management operation. The firm manages 220,000 units for its clients and offers expanded opportunities for professional growth and development, according to Blue Ridge.

Dive Insight:

For Willow Bridge, formerly the residential division of Lincoln Property Co., the Blue Ridge portfolio provides an opportunity to scale up its presence in the Carolinas. 

"This partnership aligns with our strategic growth in the Carolinas, allowing us to expand thoughtfully while staying true to our commitment to create places people want to call home,” said Margette Hepfner, chief operating officer at Willow Bridge, in the news release. 

The partnership enables Blue Ridge to adapt to operational shifts, market changes and regulatory demands, according to the news release.

"This strategic alliance will allow us to devote the necessary time and energy toward development and construction activities that will support the continued growth of our real estate portfolio for years to come,” said Chris Dunbar, president of Blue Ridge Cos.

In the age of centralization and increasingly expensive property management technology, Blue Ridge isn’t the only major company to move parts of its operation to a larger competitor with more scale. 

In February 2024, Atlanta-based Wood Partners transferred property management operations for its roughly 38,000 units across 17 states to Charleston, South Carolina-based Greystar, the largest apartment manager in the country.

In April 2023, Arlington, Virginia-based AvalonBay Communities and Atlanta-based Gables Residential announced that they had entered into an agreement for AvalonBay’s centralized service center to provide back-office financial administrative support services to Gables, which manages and builds apartments.

In March 2023, Altman Management Co. partnered with Atlanta-based third-party residential property management firm RAM Partners to provide back-office management services. AMC, the property management division of Fort Lauderdale, Florida-based developer, builder and manager The Altman Cos., continued to handle resident-facing functions. 

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