Real estate firm SK Management Co. in Encino has divested two of its core lines of business.
The commercial property management firm has sold its apartment management business to affiliates of WinnCompanies in Boston, and its homeowners association management business to Partners Community Management in Pasadena.
The company did not disclose financial terms of either deal.
SK President Bruce Steinbaum said in a statement: “We are extremely pleased to have completed these transactions as part of our succession planning process. WinnCompanies is one of the leaders in the affordable sector and a company which shares our values in many respects. Partners Community Management is a strong local firm with an excellent reputation.”
Financial advisory firm Calabasas Capital advised SK Management on both transactions.
“We are confident both WinnResidential and Partners Community Management will be successful while maintaining the strong legacy established by the Steinbaums over many years,” Calabasas Capital Managing Director David Bonrouhi said in a statement.