When we founded Greystar in 1993 (resulting from a merger with Greystone; founded in 1978), we did it with a clear idea of where the company would be in 5, 10 and even 20 years. Establishing a presence in desirable real estate markets and then staying in those markets with property management experts is just one part of the business plan that positioned Greystar for growth. Developing a strong investment division of the company was another part that has allowed us to choose timely real estate projects while riding out the ups and downs of the market. We also realized the importance of spotting trends on a national level but implementing them at the local level. Finally, we believed having partners who have ownership in the business are the best people to oversee each local and regional market. It's an approach that has allowed us to establish and maintain an entrepreneurial spirit that continues to attract high-quality clients, investors and team members to the company.
Fortified with a smart business plan and our original intent to bring world-class service to the multifamily real estate industry, Greystar has grown from its start in Houston, Texas, in 1993 with 9,000 managed residences to over 200,000 today. We're proud that our commitment to operational excellence has made us one of the largest and most respected property management companies in the country.
In 1999, our corporate headquarters moved to Charleston, South Carolina and we now maintain 20 different city offices around the country and have a presence in over 105 markets.
Our three lines of business, property management, investment, and development, all enjoy national footprints. Our investment division was formed in 2001 and already has surpassed $5 billion in investments since its inception. Our development division currently has more than $500 million in its pipeline.
Throughout our history, the best and brightest minds in real estate have joined our team. Bill Maddux, a former COO of Trammell Crow Companies, assumed the role of Chief Operating Officer in 1999. Derek Ramsey came to Greystar in 1997 with an extensive background in corporate finance, and is currently Chief Financial Officer. We feel very strongly that our company can and will continue to redefine excellence in multifamily real estate by investing in the most talented people.