The Holtzman family no longer owns Village Green – a company it founded in 1919.
In a press release yesterday , Village Green announced that on June 3, Jonathan Holtzman’s remaining ownership in Village Green Holding was acquired by Dallas-based Compatriot Capital. In the process, Holtzman stepped down as chairman and CEO. The two parties had been co-owners of the company since 2011. Village Green is one of the nation’s oldest and largest privately held apartment developers, owners, and managers. Compatriot is the real estate division of Sammons Enterprises, a diversified global holding company with assets in excess of $71 billion.
In connection with the transaction, Holtzman acquired a majority of the ownership interests in certain apartment communities owned by the company, while Compatriot assumed ownership and control of Village Green, including its property management, development, construction, and marketing operations and V-Suites, its furnished apartments company, according to the release.
Village Green will retain its name and maintain its property management, acquisition, and development business model under the leadership of President Diane Batayeh and Chief Investment Officer Jason Koehn. The balance of the executive management team will remain in their same roles. Compatriot Capital CEO Paul Rowsey said in the release, “Village Green is indebted to Jonathan Holtzman for his 38 years of service to the company, and we wish him continued success. Together with the management team, we are excited about the next generation of growth for Village Green. This transaction will position Village Green to continue to provide the highest level of service to its client-owners and residents, and to expand both its service-based businesses and its acquisition and development platform.”
Village Green, was established in 1919 by 25 year-old Russian immigrant Joseph Holtzman while he was working at Ford Motor Co. Joseph's grandson, Jonathan Holtzman, came into the business in the late 1970's. In addition to expanding outside of Michigan, from the mid 1980s to early 1990s, Jonathan Holtzman bought out various family interests in the company.
The company currently manages $4.5 billion in real estate assets and approximately 40,000 apartments within more than 150 properties. It has offices in Baltimore, Chicago, Cincinnati, Connecticut, Dallas, Detroit, Minneapolis, St. Louis, Pittsburgh, and Scottsdale.