Pretium has completed its acquisition of BH Management Services, one of the nation’s leading property management platforms in multifamily, student, and single-family housing.
“The addition of BH enhances Pretium’s residential ecosystem, enabling us to deploy capital across all major residential asset classes in both debt and equity,” said Pretium president Jonathan Pruzan in a statement. “This transaction creates additional opportunities for our investors and will drive more investment in residential real estate, contributing to a healthier housing economy and increased housing options for families across the country.”
With the acquisition, Pretium now has over 7,200 employees, over 210,000 homes managed, and approximately 700,000 residents and homeowners served annually. As a Pretium operating company, BH will continue to be led by CEO Joanna Zabriskie and its current leadership team; its headquarters will remain in Des Moines, Iowa.
Multifamily Executive caught up with Zabriskie, who shares BH’s priorities post-acquisition and how it will become a stronger company.
What benefits do you expect to see for BH under Pretium ownership?
With Pretium’s backing, BH will continue investing in our best-in-class multifamily platform to further optimize operations, enhance our services, and support improved performance across the BH portfolio.
How is the addition of Pretium helping make BH a stronger real estate firm?
By joining forces with the Pretium team, BH will be able to further invest in our proprietary technology platforms, advancing our proprietary revenue management and data visualization systems, and expanding our operating footprint.
Like BH, Pretium takes a data-first approach to investments. This rich industry insight, along with Pretium’s backing, will allow us to expand investments in multifamily, build-to-rent (BTR), single-family, and student housing rentals.
How will you combine the synergies between the two firms?
What’s exciting to me is what BH and Pretium will do together. Like BH, Pretium welcomes creative thinkers and likes to face challenges head-on. To me, it’s in the places we’re different—BH as a leader in multifamily and Pretium as a leader in specialized residential investments—that is where the synergies happen.
Do you expect leadership and staffing to remain the same for BH?
BH will continue to run business as usual, with no current plans to change how we operate or lead our teams, with the hope of sharing best practices across the Pretium platform. BH’s senior leadership team will remain in place, and BH will continue to operate as we always have, and under the same name and brand that are so respected in the multifamily industry.
Now that the acquisition is complete, what are BH’s goals for the remainder of the year?
Our top priority remains delivering on our promise to create value for our clients by operating their properties effectively. Though the acquisition is complete, the integration is just starting. For the remainder of this year, BH, Pretium, and its other operating companies will spend time getting to know each other. As we start to work more closely with Pretium, we may find opportunities to evolve our business.
Still, there’s no changing the underlying magic that makes BH who we are. We have no current plans to change how we operate or lead our teams and will continue to operate business as usual.
What else is in BH’s pipeline for the year?
This year, BH is singularly focused on gaining greater efficiency through our centralized services platform. Centralization is transforming the experience for our residents as well as our on-site teams. As we combine best-in-class technology with our highly specialized leasing and renewals, applicant screening, and resident billing teams, we are freeing up our on-site teams to better connect with and support their communities.
At the same time, we’re steadily growing our operating footprint in BTR, which currently includes 31 BTR communities in nine states.
