C-III Buys Multifamily Property Management Firms, Creates Dedicated Unit

C-III Capital Partners LLC has entered the multifamily property management arena with its acquisition of two affiliated businesses: Carrollton, Texas-based U.S. Residential Group (USRG) and Irvine, Calif.-based Pacific West Management. Together, the two firms currently manage approximately 24,000 multifamily units located in 12 states.

C-III will merge the companies and operate them as a subsidiary under the U.S. Residential Group name. USRG's management team will continue to be led by Alan R. Fenstermacher.

The financial terms of the transaction were not disclosed.

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