FirstService Residential Strengthens Platform in Greater Washington, D.C.
September 20 2017 - 7:30AM
FirstService Corporation (TSX:FSV) (NASDAQ:FSV) (“FirstService”)
announced today that FirstService Residential, its industry-leading
residential property management business, has acquired the
residential operations of Zalco Realty, Inc. (“Zalco”).
Headquartered in Silver Spring, Maryland, Zalco
was founded in 1971 by Ziggy Chelec and since then has grown into
one of the leading independent property management organizations in
the greater Washington, D.C. area – a top 10 metropolitan market in
the U.S. Mr. Chelec will retain the commercial operations of Zalco.
The residential property management business will continue to be
operated by long-standing executives, Arthur Dubin, President, and
Michael Falla, Chief Financial Officer, and the rest of their
leadership team. The transaction will add approximately 100
properties to FirstService Residential’s existing portfolio in the
area, primarily within the high-rise market segment. Including
Zalco, FirstService Residential manages 8,000 properties and more
than 1.6 million residential units throughout North America. Terms
of the transaction were not disclosed.
“We are fortunate to be aligning ourselves with
one of the largest and most reputable firms in the Washington, D.C.
area, adding scale and expertise to our existing operations,
particularly in the high-rise segment,” said FirstService
Residential CEO Chuck Fallon. “We are looking forward to working
with the entire management team at Zalco to enhance service
offerings for clients in the region,” he concluded.
ABOUT FIRSTSERVICE
CORPORATION
FirstService Corporation is a North
American leader in the property services sector, serving its
customers through two industry-leading service
platforms: FirstService Residential, North America's largest
manager of residential communities; and FirstService Brands,
one of North America's largest providers of essential property
services delivered through individually branded franchise systems
and company-owned operations.
FirstService generates more than US$1.5 billion
in annual revenues and has more than 17,000 employees across North
America. With significant insider ownership and an experienced
management team, FirstService has a long-term track record of
creating value and superior returns for shareholders. The
Subordinate Voting Shares of FirstService trade on the NASDAQ and
the Toronto Stock Exchange under the symbol "FSV".
For the latest news from FirstService Corporation, visit
FirstService.com
COMPANY CONTACTS:
Jeremy Rakusin
CFO
FirstService Corporation
(416) 960-9500
Chuck Fallon
CEO
FirstService Residential
(954) 926-2921
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