Astro Bug

KATY, Texas - AstroBug -- Inframark, a leading provider of integrated community management and infrastructure services across the U.S., announced today the acquisition of Cornerstone Properties, Inc. (Cornerstone), enhancing its growing presence in the Southwest.

Headquartered in Phoenix, Arizona, Cornerstone has provided professional community management in the Phoenix metropolitan area for over 35 years. The company currently serves a diverse portfolio of homeowner (HOA), condominium (COA), townhome, and commercial associations across Scottsdale, Gilbert, Tempe, Mesa, Glendale, Avondale, and other Phoenix area cities. The company has a history of delivering best-in-class services to prestigious communities throughout the area. Michael (Mike) Roberson, who joined Cornerstone in 1995 and assumed leadership in 2014, will remain in his current capacity to lead the daily operations.

"Our goal has always been to support communities with the best possible environment, enhance property values, and apply sound business practices to help the communities thrive," commented Mike Roberson, President of Cornerstone. "We expect our tradition of service to continue and look forward to the resources and support the Inframark team brings. We are excited to explore the opportunities to take our success to the next level. Together, we will continue to drive innovation, expand our reach, and focus on delivering the service excellence and personal approach that our clients have come to expect from Cornerstone for decades."

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Chris Tarase, Inframark's President of Community Management, added, "We strategically chose Cornerstone to join Inframark because of their prominence and track record of service excellence in the Arizona market, their incredibly talented team, and their legacy of client satisfaction. They share our commitment to professionalism and passion for client service – and we're delighted to welcome them as colleagues. Our combined expertise and resources will enable us to solidify our Arizona operations and serve the Phoenix market like never before, providing even greater value to our customers and opportunities for our team."

This acquisition strengthens Inframark's presence in the Arizona market, which includes a mix of infrastructure and community services. Inframark has managed, maintained, and operated the Town of Gilbert's Neely Wastewater Treatment Facility since 1985 and serves numerous community management clients in the state. Since 2022, Inframark has worked with Howard Hughes Holdings (HHH) to provide consulting services and manage its large-scale master-planned community, Teravalis, in Buckeye, Arizona – building on its successful relationship with HHH, including managing several award-winning master-planned communities in other markets.

According to Jim Irwin, Inframark's Executive Vice President of Corporate Development, "This acquisition marks another exciting step in the evolution of our Community Management business, as we execute on our goal of expanding our presence nationally in regions of growth through mergers and partnerships with market leaders." Regarding Cornerstone, Irwin continued, "Mike Roberson and the Cornerstone team are a truly delightful cultural and operational fit with Inframark."

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Inframark was assisted by search and advisory firm Harvey & Company and Blank Rome, who served as its legal counsel.

About Inframark

Inframark, LLC (www.inframark.com) is an industry-leading applied technology and solutions firm focused on water and wastewater contract operations and maintenance, and community management services across the U.S. By integrating automation and intelligent data solutions in water and wastewater operations and maintenance, management of community infrastructure, and data systems integration, Inframark can provide unparalleled service. In business for over 40 years, Inframark employs 3,100 people, serving hundreds of clients in 30 states.

About Cornerstone Properties

Cornerstone Properties (www.cpihoa.com) is a leading management company in the Greater Phoenix Area. Since 1987, the company has been dedicated to fostering optimal environments for communities, enhancing property values, and implementing sound business practices in day-to-day operations. The Cornerstone team is composed of highly skilled and experienced community managers who are proactive, professional, and committed to delivering efficient service.