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Edmonton’s Core Real Estate Group is being acquired by Toronto-based property management giant FirstService Residential (FSV-T), adding approximately 15,000 residential units into its portfolio, the companies announced Thursday.
Financial details of the transaction have not been released.
Core Real Estate Group has been based in Edmonton since 2011.
"We are proud to welcome Core Real Estate Group to our organization," David Diestel, chief executive officer of FirstService Residential, said in the announcement. "This partnership with David Brown and his team is key for us as we continue to invest and expand our presence in Western Canada. Together, we will bring new local expertise and our scale to benefit the communities that we serve."
Brown is the founder of Core Real Estate Group.
It has grown to become one of the city’s largest residential property services companies. According to the company’s website, Core manages 68 buildings across the region with an overall vacancy of approximately two per cent.
"We are excited to partner with FirstService," Brown said in the announcement. "Our customers will benefit from combined expertise, industry-leading best practices, and property management resources, further enhancing the level of service they receive.”
FirstService manages 250,000 Canadian housing units
The acquisition will push FirstService’s Canadian portfolio to approximately 250,000 residential units, solidifying its position as one of the country’s leaders in the sector.
"Our shared commitment to customer-focused service and innovation will help us better serve these residential communities," Glenne Manlig, the president of FirstService's operations in Alberta, said in the release. "As one example, our new communities will leverage our Resident Support Services team and technology to respond quickly to questions from residents, allowing community managers to focus on projects that are important for our managed communities in Edmonton."
FirstService Residential is owned by FirstService Corp., which was established in 1989 by Jay Hennick, who remains the company’s chairman and its largest shareholder.
Hennick is also the global chairman, CEO and controlling shareholder of real estate services giant Colliers.
The company also has offices in Mississauga, Calgary, Edmonton and Vancouver. It employs over 2,000 people across the country, managing over 1,600 Canadian condominium and strata corporations.
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