Greystar Sells Flagship U.S. Multifamily Value-Add Fund for Approximately $3.6 Billion
Greystar Real Estate Partners LLC (“Greystar”), a global leader in the investment, development, and management of high-quality rental housing, has agreed to sell a 30-property, U.S. multifamily portfolio for ~$3.6 billion.
The fund was formed as part of Greystar’s flagship U.S. rental housing value-add fund series. The fund focuses on acquiring well-located, institutional quality apartment communities in target markets throughout the U.S. that present significant upside potential through operational efficiency and capital improvements. Since its launch, the fund series raised $5 billion. In November 2019, Greystar announced the final close of the most recent fund in the series, a $2 billion vehicle, which is now fully invested. The fund series includes a diverse group of global institutional investors from North America, Continental Europe, and Asia-Pacific.
“With a presence in 165 markets in the U.S. and 210 markets globally, Greystar’s vertically integrated platform has a breadth of expertise, and a real view on relative value and relative growth,” said Bob Faith, Founder, Chairman and CEO of Greystar. “The disposition demonstrates the value of combining our strong global perspective with our specialized local knowledge to be able to deliver the best outcomes for our capital partners.”
Eastdil Secured served as the exclusive financial advisor to Greystar. The transaction is the result of a robust and highly competitive process, with a broad set of leading institutional investors participating in a multi-round bidding process.