Pretium, a specialized investment firm with a focus on residential real estate, has agreed to acquire BH Management Services, one of the nation’s leading property managers for multifamily, student, and single-family housing. The transaction is expected to close in the second quarter.
BH was founded in 1993 by Harry Bookey, who joined Multifamily Executive’s Hall of Fame in 2023. The Des Moines, Iowa–based company manages approximately 114,000 homes across 370 communities in 31 states. It ranked No. 8 on the National Multifamily Housing Council’s 2023 top apartment managers list, with nearly 108,000 multifamily units managed as of Jan. 1, 2023.
“BH’s multifamily property management platform prioritizes the resident and employee experiences and is critical to enhancing communities at a time when quality housing options are in short supply,” said Pretium founder and CEO Don Mullen. “The addition of BH is a natural adjacency to Pretium’s residential ecosystem and enables us to continue providing diverse housing options for residents based on their preferences and stages of life. We look forward to working with the entire BH team to continue to strengthen BH’s model and market position.”
Bookey added that he is proud that BH has established itself as one of the largest and most respected companies in the multifamily industry.
“Therefore, it was personally important to me that we take a thoughtful approach to the future of BH,” he said. “Beyond being a force in its own right, Pretium shares our core values of embracing evolution and putting people first, making it the right fit for BH.”
BH will become a Pretium operating company and will continue to operate as BH Management Services. CEO Joanna Zabriskie and the current management team will continue to lead BH, and its headquarters will remain in Des Moines.
“This is an inflection point for BH and an opportunity to further invest in our centralized services platform, as well as advance our proprietary business intelligence systems. This transaction will also expand our operating footprint,” noted Zabriskie. “What’s exciting to me is what BH and Pretium will do together. We’re cut from the same cloth: both overachievers. However, it’s in the places we’re different—BH as a leader in multifamily and Pretium as a leader in specialized residential investments—that’s where new opportunities exist.”
Pretium president Jonathan Pruzan added the companies have a long-standing relationship.
“Harry created, and Joanna has scaled, an impressive platform, which is at the forefront of the industry through its technology- and people-focused culture,” he said. “This combination enhances our existing vertically integrated model and allows us to capitalize on compelling opportunities we see in the residential space.”
Wells Fargo acted as financial adviser and Sidley Austin was legal adviser to Pretium. For BH, The CenterCap Group was financial adviser and Faegre Drinker Biddle & Reath served as legal adviser.
