Gittleman Management Sold to Canadian Firm
Gittleman Management Corporation, a Bloomington-based residential property manager, has been acquired by Toronto-based FirstService Corporation, the Canadian real estate services company announced Monday.
Financial terms of the transaction were not disclosed.
Gittleman Management Corporation was founded in 1980 and manages more than 260 condominiums, town homes, and homeowner communities, representing over 24,000 units in the Minneapolis-St. Paul metro area. FirstService describes Gittleman as the largest residential property management company in the state.
Gittleman Management President Mark Gittleman and Executive Vice President Andrew Gittleman will retain a significant equity interest and continue to lead day-to-day operations, according to FirstService's news release.
In a statement, Mark Gittleman said his company's management team was attracted to FirstService's proven track record and successful partnership philosophy.
“FirstService has a long history of attracting industry leaders who retain significant interests in the companies they operate while also participating in a unique performance-based culture,” he added. “We are thrilled to partner with such an exceptional group of professionals with whom we share a common mission to enhance the lifestyle of every resident living in the communities we serve.”
With the addition of Gittleman, FirstService's residential property management business will oversee more than 5,600 properties in North America. The company has 81 offices across the continent and generates more than $2.2 billion in annual revenues.