The acquisition will create the most exclusive access to corporate housing inventory in the U.S
CWS Corporate Housing, a Round Rock (Austin)-based corporate housing leader, announced today that it has entered into an agreement to acquire competitor Gables Corporate Accommodations [aka GCA] from its parent company Gables Residential. The investment expands the national footprint for CWS Corporate Housing while providing exclusive access to more apartment homes than anyone in the U.S. market.
“CWS Corporate Housing is growing,” said Tracy Hayes, Founder and President of CWS Corporate Housing. “With the addition of Gables Corporate Accommodations to our current portfolio we are positioned for greater growth opportunities, which will allow for further investment in the company ensuring our ability to deliver even better service to our clients.”
Pam Wade, Vice President of Gables Corporate Accommodations said, “I have the utmost respect for CWS Corporate Housing, and what they have built. Our companies share a similar culture, and I am truly excited about the opportunities available to our associates and our clients as we move forward together, driven to be the best corporate housing company in the industry.”
Corporate clients of both companies will experience an immediate benefit to better serve their nationwide needs with access to a much larger housing inventory in high-demand locations. CWS Corporate Housing will now have exclusive access to 46,000 apartment homes in 165 communities across 17 U.S. markets plus access to many of the 15,000 third-party-owned apartment homes managed by Gables Residential. CWS Corporate Housing currently has offices in Austin/Round Rock, Dallas/Fort Worth, Houston, Midland/Odessa, San Antonio, Charlotte, Raleigh, Atlanta, and New Orleans. With the addition of Gables Corporate Accommodations, the footprint expands to Seattle, Denver, Washington D.C./Virginia, Boston, and Florida.
“With all of the changes occurring in the short-term rental space, we believe that a larger company has more opportunities for success in this very competitive environment.” said Dennis Rainosek, Senior Vice President of Portfolio Management for Gables Residential. “However, bigger is not always better. We felt strongly that any transaction required like values and a similar company culture for both our clients and our associates. We recognized that CWS Corporate Housing was the company in the industry whom we would best align with on both of these fronts.”
Hayes added, “Bringing the best of the best together is a competitive advantage for us as we can provide significant benefits to our corporate clients. Combining resources brings together inherent efficiencies, reduces infrastructure overhead, and allows us to focus even more on our service deliverables across the country. Ultimately, we are looking to set the standard for our industry, and this acquisition puts us in the best position to be the corporate housing provider of choice.”
CWS Corporate Housing will assume ownership once the sale is closed, which is anticipated by the end of November.
About CWS Corporate Housing
CWS Corporate Housing, founded in 1995, is a leader in short-term furnished apartment rentals. The Round Rock (Austin)-based company is privately owned with a footprint that includes access to 31,000 units in 106 communities across 13 markets. CWS Corporate Housing is a recognized Great Place to Work and is committed to hiring good people who perform at high levels and have a strong understanding of how to develop and drive top quality. Excellence and local service are foundational to the organization, and CWS Corporate Housing is distinguished by industry leaders and associations for offering some of the highest quality housing and customer service in the industry.
About Gables Residential
Clarion Gables Multifamily Trust is a core-plus, open-end private investment fund focused on the multifamily sector in the United States through the ownership of Gables Residential (“Gables”). The Fund benefits from the 37-year history of Gables and its vertically integrated development and operating platform. The Fund is managed by Clarion Partners, a registered investment advisor with over 12,000 client-owned properties and $53.6 billion in real estate assets under management as of September 30, 2019.
Gables Residential is an award-winning, vertically integrated, real estate company and privately held REIT specializing in the development, construction, ownership, acquisition, financing and management of multifamily and mixed-use communities. Gables Residential owns, develops and manages communities in high-growth U.S. markets such as Atlanta, Austin, Boston, Dallas, Denver, Houston, South Florida, Southern California and metropolitan Washington, D.C. Gables also provides third party management services in the New York, Baltimore, Frederick, Tampa, Phoenix, Seattle, Charlotte, Central and North Florida markets.
Gables manages approximately 30,000 apartment homes and approximately 225,000 square feet of retail space and has received national recognition for excellence in development, construction, management, sales, marketing, learning and development, benefits and corporate accommodations. These achievements reflect the impact of our experienced and dedicated team members, our superior knowledge of the markets served, and our expertise in development and management.