Greystar Announces $2 Billion Final Close for 10th U.S. Multifamily Value-Add Real Estate Fund
Closing Marks Largest Ever Fundraise for a U.S. Multifamily Value-Add Fund
CHARLESTON, South Carolina – November 5, 2019 – Greystar Real Estate Partners, LLC (“Greystar”), a global leader in the investment, development and management of high-quality rental housing properties, announced today, on behalf of its affiliates, the final close of Greystar Equity Partners X (“GEP X”) with aggregate equity commitments of $2 billion from a diverse group of global institutional investors from North America, Continental Europe and Asia-Pacific. GEP X represents the largest ever fundraise for a U.S. multifamily value-add fund. GEP X is the 10th in Greystar’s flagship series of funds focused on acquiring existing assets in top U.S. markets that exhibit favorable rental housing fundamentals.
“This is an exciting close to a milestone fundraise for our team. We have been laser focused on continuously refining our value-add strategy and cultivating strong relationships with our investment partners, and we are proud of the outcome here,” said Bob Faith, Founder, Chairman and CEO of Greystar. “We’re grateful for the trust that a growing number of global institutions place in us.”
Since 2011, Greystar has raised more than $4.5 billion for its flagship value-add fund series. GEP X reached its hard cap and was oversubscribed with both new and existing institutional investors, reflecting strong global demand for rental residential investment strategies. The fund intends to leverage Greystar’s vertically integrated platform to drive value across the GEP X portfolio by creating operating efficiencies and implementing strategic capital improvements.
“As we move later into the real estate cycle, we are seeing that global institutional investors are increasingly flocking to more defensive investment strategies with integrated managers,” said Kevin Kaberna, Executive Director of Greystar’s U.S. Investment Management business. “We continue to seek to identify compelling cash flowing investments that align with our strategic priorities, and we remain confident in our team’s ability to prudently deploy capital.”
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 $150 billion of real estate in over 185 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 more than 500,000 units/beds, and has a robust institutional investment management platform with approximately $35.8 billion of assets under management, including nearly $13.9 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.