Greystar Acquires Residential Building LY30 in Frankfurt
FRANKFURT – October 2, 2019 – Greystar Real Estate Partners (“Greystar”), the global leader in rental housing, has announced the acquisition of LY30 Frankfurt by an affiliate of Greystar from AviaRent Invest AG. The 12-storey residential property is well-located at Lyoner Strasse 30 in the Lyoner Quartier – a growing submarket within Frankfurt am Main. The Lyoner Strasse property has a total floor area of 8,500 sqm. and comprises 182 residential apartments constructed in 2016.
Greystar will reposition the building with the objective to deliver an enhanced residential experience. The comprehensive value-add strategy will focus on renovating all 182 units and creating common areas. Unit updates will include new lighting and furniture packages while renovations to the common areas will feature the creation of retail space on the ground floor, a private gym and on-site leasing office. A clubroom at rooftop level will give residents a place to socialize and relax. The renovation project is expected to be completed by Summer 2020.
An on-site team will be established by Greystar to curate social events and encourage interactions between the tenants as well as controlling the leasing process and site management. The units will be fully furnished, move-in ready, offering plug-and-play convenience and all-inclusive service.
Thomas Wünsche, Greystar Head of Germany and Austria said: “Greystar is committed to developing and operating the best-in-class managed housing across Europe and in the German-speaking markets. The acquisition of LY30 represents a continuation of Greystar’s strategy of acquiring high-quality assets with value-add upside. We see great opportunity to reposition the asset through capital investments and proactive management, ultimately delivering a modern asset with associated amenity space and on-site service that is unique and desirable in the Frankfurt market.”
Frankfurt’s Lyoner Quartier is strategically located between the international airport and downtown and has excellent links to both motorway and railway networks. Its proximity to the municipal forest and the Main river, combined with extensive green areas make Lyoner Quartier highly attractive as a residential location.
Yenna Haack, CIO AviaRent Invest AG: “With the development of the micro apartment complex LY30 we have created substantial value for our investors. We are excited about Greystar’s plans to continue the development of LY 30 by, for instance, creating amenity spaces for the tenants and having staff on-site.”
Jones Day, PwC, Arcadis and Renocle advised Greystar in this transaction. AviaRent was advised by GSK Stockmann.
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About Greystar Greystar is a leading, fully integrated real estate company offering expertise in investment management, development and management of rental housing properties globally. Headquartered in Charleston, South Carolina, Greystar manages and operates an estimated $115 billion of real estate in nearly 180 markets globally, including offices throughout the United States, UK, Continental Europe, Latin America, and the Asia-Pacific region. Greystar is the largest operator of apartments in the United States, managing approximately 500,000 units/beds, and has a robust institutional investment management platform with over $33 billion of assets under management, including more than $12.1 billion of assets under development. Greystar was founded by Bob Faith in 1993 with the intent to become a provider of world-class service in the rental residential real estate business. To learn more, visit www.greystar.com.
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