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FirstService Residential Acquires Chicago Market Leader

FirstService Residential has struck a pair of deals to expand its Chicago property management operations. The company is acquiring Lieberman Management Services for an undisclosed sum, and taking over Draper and Kramer’s condominium management division, DK Condo.

The addition of Lieberman, a market leader founded in 1971, will triple FirstService’s Chicago-area management portfolio. Lieberman, which will continue to be led by CEO Carla Kennedy, has 250 properties and more than 40,000 apartment units under management.

Similarly, Draper and Kramer VP Ian Novak will continue his oversight of the former DK Condo portfolio for FirstService. He’ll be joined by other members of the DK Condo team.

“Marrying our vast corporate resources with the personal touch of local experts, who are part of the fabric of the communities we manage, has been a hallmark of our success in Chicago and across North America,” said Asa Sherwood, president of FirstService Residential Illinois.

Pictured: Water Tower Place

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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