FirstService Corporation has announced that it has acquired an 80 percent interest in Association Management, Inc., (AMI), Houston’s largest and most prestigious residential property management company. David and Glenda Regenbaum, founders and officers of AMI, will retain the balance of the equity and will continue to manage day-to-day operations. During the last 12 months, AMI generated more than $13 million in revenues. Terms of the transaction were not disclosed.
“Establishing a leading market position in Houston was a strategic priority for us and complements our market leadership in Dallas making us the leading residential property management operation in Texas,” says Gene Gomberg, CEO of FirstService Residential. “AMI is the uncontested leader in Houston and we have long considered their excellent management team the gold standard in the market. We look forward to working with all of the professionals of AMI to enhance the value proposition to their clients, while also advancing our position as North America’s leader in residential property management.”
Founded in 1979, AMI manages more than 240 low, mid, high-rise residential and commercial associations representing over 70,000 homes in the greater Houston market. With the addition of AMI, FirstService Residential extends its position as the largest residential property management firm in North America with more than 4,100 properties, representing over 1.1 million residences. Additional information on AMI can be found on their website at www.AMITX.com.