Oakline Properties has acquired Drucker + Falk, a property manager with a portfolio of over 43,000 apartments across 10 states.
The move comes just three months after Alpine Investors, a private equity firm with $18.6B in assets under management, launched Oakline. It underscores the speed at which the new property management company is intent on growing.
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With the purchase of Newport News, Virginia-based DF, Oakline is in control of over 65,000 units nationwide, according to an announcement by the company.
DF’s 200 multifamily communities are in the Midwest, Mid-Atlantic and South. In addition to the housing units, DF manages over 3M SF of office, retail and industrial space.
“From the outset, Oakline's people-oriented mission gave us the confidence that they will take care of our people and the company we have built,” DF Managing Director Wendy Drucker said in a statement. “We look forward to our next chapter and continuing to build on our property management industry leadership.”
The Drucker and Falk families, which owned the firm for three generations since its founding in 1938, will remain actively involved in the 1,000-employee company, the companies said. It was ranked No. 40 on the National Multifamily Housing Council's annual list of the nation's 50 largest property managers.
New York-based Oakline was launched in September when Alpine acquired Cirrus Asset Management. The company oversees more than 20,000 units in a portfolio valued at over $7B.
“We will look and be selective to find additional property management firms that are of the Cirrus quality in other regions to partner with,” Oakline CEO Amanda Sayigh told Multifamily Dive at the time of the firm’s launch.
Oakline is part of Alpine’s $4.5B Fund IX, which closed in 2023 after exceeding its target of almost $3.8B.
Transact Capital Partners represented DF in the transaction. Terms of the deal were not disclosed.
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