Big Houston Acquisition
Mynd Property Management has expanded its presence in Texas with the acquisition of Houston-based Empire Industries, a property management company with more than 800 single-family homes under management in the Houston and Dallas-Fort Worth markets. With the acquisition, the Oakland, Calif.-based company manages more than 9,000 units in 16 markets.The deal adds 763 residential units in the Houston area and 63 units in the Dallas-Fort Worth market to Mynd's assets under management.Empire Chief Executive Pete Neubig will become Mynd's regional director of Texas and Steve Rozenberg, its president, will serve as vice president of investor education.“We are excited to welcome Empire and its leadership team to Mynd,” Doug Brien, Mynd's CEO, said in an announcement. “Over the past two years, Mynd has joined forces with like-minded property management companies whose mission and goals align with ours, and Empire fits the bill perfectly. Our objective at Mynd is to grow our portfolio of managed properties to 100,000 and Texas will be a significant part of that growth.”Prior to the Empire acquisition, Mynd managed about 70 single-family rentals in the Houston market gained through the merger with RentVest in May. In addition to property management, Mynd offers residential rental properties for sale in 20 metro areas.Empire will retain its name until the first quarter before changing over to Mynd Property Management.