Charlotte-based Fitch Irick Partners has acquired another Charlotte-based firm, GEM Management, along with thousands of affordable housing units.
Both companies specialize in developing and managing affordable rental properties. Two of the owners of GEM Management, Melvin Melton and Timothy Gunderman, will retire, while CEO Danny Ellis will remain.
“Mel, Tim and I have been in business for over 25 years, and it was time to start organizing for our retirement,” said Ellis. “Fitch Irick Partners helped us reach our retirement goals while allowing me to continue managing the company and working with our valued third-party clients and lenders.”
Fitch Irick will acquire ownership of more than 190 multifamily affordable housing properties in the Southeast, with more than 6,000 units. That will add substantially to the company’s pipeline of 1,000 units under development in the Carolinas, Georgia and Virginia.
“This is an exciting and transformative acquisition for Fitch Irick Partners,” said Hollis Fitch, managing principal, in a statement. “GEM Management is a highly regarded property management firm that will add value for our residents and stakeholders and complements our growing development business.”
GEM will also continue to manage 2,500 units in its third-party portfolio. The terms of the deal weren’t disclosed.