Keystone Equity Partners announced that it has purchased David Nicholas Building & Property Maintenance, a Southern New Jersey luxury residential property manager. Financial terms were not disclosed.
Nicholas, operating for more than 25 years, says it has provided property management services to a portfolio of more than 130 high-end coastal homes with a market value of over $400 million.
Keystone’s Shoreline Platform is backed by Tony Frick, Matthew Malinowski and Ira Lubert, individuals with extensive operational, real estate and investment experience.
Frick said, “With over 30% of high-net-worth individuals’ assets estimated to be invested in real estate, a 1.5x ratio of second homes to primary homes in the Nicholas service area, and a regional addressable market of over 25,000 second homes – luxury residential property management is poised for substantial growth in Southern New Jersey vacation towns.”
Founder David Nicholas said, “Keystone is a mission-oriented organization that embodies our values and long-term vision. They are the right partners to honor our legacy and lead the business into the future, and I look forward to all that we accomplish together in service of our client homeowners.”
