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A 40-year-old Portland real estate company has significantly increased its portfolio.

has acquired Everett, Wash.-based Legacy Management Group. The acquisition gives Guardian the operations for all of Legacy Management Group’s multifamily properties in Washington, Oregon, Texas, Arizona, Utah and Alaska. The merger expands Guardian’s portfolio by 150 properties, bringing the company’s collection to more than 18,000 multifamily units.

Tom Brenneke, president of Guardian, said the acquisition would give the company critical mass in several new markets. It essentially doubles the company’s payroll to more than 1,000 people, he said. He said it will also add $4 million in annual revenue.

Guardian’s business model is focused mainly on property management and operations, and Brenneke said the booming rental market has helped business. Brenneke said that home ownership has decreased nearly 10 percent since the onset of the recession and that every percentage point dropped represents a million households that are now renting.

鈥淲e are the darling, no doubt about it,鈥� he said. 鈥淲e’ve seen the pendulum swinging from home ownership to apartments, and it’s been rather dramatic over the last year, and it will continue in that direction.鈥�

Guardian’s headquarters will remain in Portland, but the company is also opening a new office in Seattle this month, which will be located at the Seattle Tower on Third Avenue and University Street.