Florida-based property management firm FirstService Residential is expanding its Chicago property management portfolio with the acquisition of Lieberman Management Services, Inc. Terms of the transaction were not disclosed. Simultaneously, the company is partnering with Draper and Kramer, Incorporated, which is exiting condominium management and transferring its condominium management division, DK Condo, to FirstService Residential.
Lieberman’s 250 properties with 40,000 units under management will triple FirstService Residential’s client base in the Chicago area and bring the company’s management portfolio to more than 8,500 properties and over 1.7 million residential units throughout North America. Day-to-day operations for Lieberman will not change and will continue to be led by CEO Carla Kennedy and her management team, all of whom have been with the company over the past decade.
“We are delighted to add this important Chicago market leader to our portfolio,” said FirstService Residential CEO Chuck Fallon. “Lieberman’s business is highly complementary with ours. They have a diverse footprint in the Chicago area and are led by strong management who are aligned with our culture. We welcome the Lieberman organization and look forward to their contributions in enhancing services to our clients and growing our business in the region.”
FirstService Residential, which currently manages the largest portfolio of luxury condominiums in North America, continues its growth in Chicago through a strategic partnership with DK Condo to transition properties as Draper and Kramer exits the condominium management sector.
“The opportunity to work with DK Condo, which has become the gold standard for high-rise condo management in the market, is the cherry on top of this strategic business push in Chicago,” said Fallon. “FirstService Residential has a substantial force of associates with expertise in condos and luxury high-rises ready to collaborate with the talented management teams at these communities to continue delivering first-class service without missing a beat.”
As part of the strategic partnership, Draper and Kramer vice president Ian Novak will maintain his role and oversight over the former DK Condo portfolio within FirstService Residential. Other members of the DK Condo team, which includes over 100 licensed community association managers, will join Novak in the transition.
“Marrying our vast corporate resources with the personal touch of local experts who are part of the fabric of the communities we manage has been a hallmark of our success in Chicago and across North America,” said Asa Sherwood, president of FirstService Residential Illinois. “The winning combination of FirstService Residential, Lieberman and DK Condo makes us the powerhouse in the market.”