Pinnacle, a Seattle-based property management firm, has opened a new Illinois office to help with its expansion efforts in the Chicago market. The company has been active in the market for many years, but now plans to dramatically grow its management portfolio from 2,000 units to more than 10,000 units.
“Like a lot of markets, Chicago was soft for a couple of years, but the market is now gaining a lot of momentum and becoming very robust,” says Rick Graf, central region president of Pinnacle, an American Management Services C o. “ We see a huge demand in the market for a national company such as ours that brings a national infrastructure with local expertise.”
The company hired Nick Helmer Jr., formerly of The Inland Real Estate Group of Cos., to run the new office and spearhead Pinnacle's growth in the Chicago market. The company will focus on third-party management of multifamily and commercial real estate as well as expand into high-end condominium association management. Pinnacle manages more than 132,000 multifamily units across the country.