January 1, 2021 - HomeRiver Group (HRG), the nation’s leading provider of property management services for single-family and small multifamily properties, announced today the acquisition of Madison Real Estate and Property Management, Inc. based in Spokane, Washington. This acquisition continues to add to HRG’s growth as the nation’s leading integrated provider of single-family and small multifamily property management in the U.S., with 25,000 homes under management, and operations now in 23 states with the inclusion of this Spokane area acquisition.
John Hirschfeld, Chairman and President of HRG, said “This transaction is an extremely positive follow-on to HRG’s recent acquisition of Property Frameworks. It reconfirms HRG’s commitment to continue acquiring top-flight property management platforms and portfolios both within and outside of our ever-increasing footprint. Moreover, we’re thrilled to enter the Pacific Northwest with such a superb operation and leadership team.”
“The acquisition of Madison continues the acceleration of HRG’s expansion into multiple attractive geographies and will allow our management company to expand our service to our investors in Washington State. We are very blessed to have Eric, an industry leader, on our team to help us expand our Northwest Region.” added Andrew Propst, CEO of HRG.
Eric Bessett, President of Madison Real Estate and Property Management, Inc. said, “Becoming part of the HomeRiver Group will allow us to deliver an even better experience for our clients and residents. We can still deliver the personalized touch of a small, family-owned company while leveraging HomeRiver’s technology and scale to provide superior property management services. To be part of a team with such extensive knowledge, as well as their collective experience and wisdom, will only make us better.” Bessett added “This is also a huge win for our team. They are the heart and soul of our firm and the growth, benefits and opportunities that will be afforded to them through HomeRiver is very exciting to see.”
Mr. Bessett, an Eastern Washington native and graduate of Eastern Washington University, will join HRG as a valued member of the leadership team, reporting directly to HRG’s Vice President of the Western Region, Alexandra Goldthwaite.
Financial terms of the transaction were not disclosed.
About HomeRiver Group
HomeRiver Group (www.homeriver.com) is the nation’s leading integrated provider of single-family and small multifamily property management services. HRG offers a comprehensive suite of acquisition, renovation, leasing, management, maintenance, and brokerage services to large and small real estate investors as well as Community Association Management services for Homeowner Associations. The company currently manages over 25,000 homes, and 10,000 additional HOA units, across twenty three states.
About Madison Real Estate and Property Management
Madison Real Estate and Property Management, Inc. was founded in 1984. As one of the largest single-family and small multi-family property management firms in the Spokane, WA area, their focus is to add value and enable growth for their residential investment clients. Madison manages more than 600 residential units in the Greater Spokane area.