A week after Multifamily Executive first reported that Clarion Partners was retaining Gables Residential; the New York-based investment manager announced the acquisition.

The reported $3.2 billion transaction will turn Gables into a perpetual life vehicle. The structure will give Gables, which has 1,100 associates, more stability.

“As a management team, we are thrilled to continue our relationship with Clarion Partners” said Sue Ansel, CEO and president of Gables said in a statement. “The new ownership structure is designed to provide increased stability and growth that will facilitate the success of our company going forward.”

Gables, which ranked No. 22 with 982 units on 2014 MFE 25 Developers list, owns, develops, and manages communities in Atlanta, Austin, Boston, Dallas, Denver, South Florida, Southern California and two locations that investors have recently shied away from, Houston and metropolitan Washington, D.C. The company, which was ranked No. 35 on the 2014 NMHC 50 Managers list with 36,081 units, has third-party management operations in the New York, Virginia Beach, Phoenix, Seattle, San Antonio, Charlotte, Central and North Florida markets. It currently manages approximately 35,000 apartment homes and 400,000 square feet of retail space.

“Having worked closely with Gables for nearly 10 years, we’ve enjoyed our longstanding relationship with the company and look forward to the continued growth and success of the platform,” said Stephen Furnary, chairman and CEO of Clarion Partners said in a statement. “We are excited about growth prospects for multifamily residential in the markets where Gables operates.”