Gray Property Group has completed an all-equity merger of its property management and maintenance operations with Pierce Property Management, owned and operated by Matt Dennehy and Mary Dennehy.
Under the terms of the transaction, Pierce absorbed Gray Property Group’s property management and maintenance assets, including operating accounts, systems, and employees. In exchange, Gray Property Group received a 38% ownership interest in the combined management platform, with ownership allocated based on relative revenue contribution.
The merger reflects a deliberate decision to separate day-to-day property management operations from Gray Property Group’s ownership, asset management, development, and brokerage activities. By consolidating management operations into a dedicated platform, the firm is positioned to support long-term portfolio growth while reducing operational fragmentation across geographies.
Following the merger, the combined management organization oversees approximately 650 residential units across New Hampshire, in addition to select commercial properties. The platform is structured to support continued scale while maintaining alignment between ownership and management.
Gray Property Group remains fully intact and continues to operate its asset management, development, and brokerage businesses from its offices in Manchester, New Hampshire and Sarasota, Florida. The firm retains full ownership and control of its real estate assets and development pipeline, while maintaining an ownership stake in the management platform responsible for day-to-day operations.
This structure represents a hybrid approach that preserves the benefits of vertical integration while allowing Gray Property Group to maintain the time, focus, and flexibility required to concentrate on asset management, development, and long-term capital allocation.
