Gillespie-Roland, the area's oldest management company, will manage most of First National's 380 properties, nearly doubling their real estate portfolio. Gillespie said the contract with First National is open-ended. He said there is a minimum time period the company will hold the properties, but did not mention any other specific time stipulations. He said he expects the handover will be permanent, although he said he would not want to enter into a permanent contract.
Nothing is forever, but it's a permanent transition.
I have no reason to believe I will not be managing these properties indefinitely. The capital-investment and staff implications are not something that you would enter into for one year. Attempts to contact First National were unsuccessful. Esther Patt, Tenant Union director, said although Gillespie-Roland will begin managing current First National properties on Jan. 1, the apartments could be transferred back to First National at any time. Patt said residents could sign Gillespie-Roland leases only to be turned over to First National later.