Sherman Property Management of York buys rival firm
Hoping to benefit from downtown York's revitalization and strong apartment-rental market, York's Sherman Property Management Inc. said Monday it has purchased a rival firm.
Sherman Property Management President/Broker Gena Dwyer said Sherman has bought Square Realty and Property Management, also of York. Terms were not disclosed.
The addition of Square Realty’s 300 rental units brings Sherman’s portfolio to more than 1,100 units in York and Adams counties, Dwyer said. She said that up to five new people will be hired to accommodate the extra work.
The Square portfolio includes Revi Flats, a development on West Market Street. They will complement Sherman’s Codo 28 and Codo 241 loft and condominium properties, also in the city, Dwyer said in a news release.
Square Realty’s employees are welcome to apply for the new positions, Dwyer told the Business Journal, adding that she hopes the purchase allows Sherman to continue its recent expansion.
Sherman Property Management listed 17 full-time employees in 2017 and $1.9 million in local revenue in 2016, according to information it provided to the Business Journal. Dwyer said Monday the firm now has 19 or 20 employees.
With the revitalization of downtown York and the city's growing number of restaurants, stores and galleries and the expansion of the York County rail trail, there is a greater need for rentals in the downtown area, she said in her company’s news release.
Sherman also recently added a second office, at 209 Broadway in Hanover, and relocated its York office to 1210 E. Market St. in York, Dwyer said.
A call to Square Realty on Monday was not immediately returned.