Greystar Closes Greystar Credit Partners III
CHARLESTON, S.C. – December 16, 2022 – Greystar Real Estate Partners, LLC (“Greystar”), a global leader in the investment, development, and management of real estate, including rental housing, logistics, and life sciences has announced the final close of Greystar Credit Partners III, LP (“GCP III”).
The $600 million commercial real estate debt fund will focus on the acquisition of securitized subordinated debt as well as private label securitizations, junior notes, and mezzanine debt collateralized by the continuum of for-rent residential assets. GCP III is the successor to GCP II, a $600 million fund created in 2020 that completed its investment activities concurrent with the formation of GCP III.
“GCP III is the continuation of an effort initiated in 2018 to scale into credit strategies that leverage the firms nearly 30 years of multifamily operating expertise to make thoughtful, data-driven and timely principal investment decisions,” said Brett Lashley, Managing Director and leader of Credit at Greystar. “Greystar’s credit business has raised over $2 billion of unlevered capital and continues to expand the focus of the business with additional CRE debt-oriented strategies. While we’ll always be patient stewards of the capital entrusted to us, we look forward to deploying this capital in an environment with potentially improving risk/return metrics.”
“The closing of GCP III is a testament to the continued growth of our credit platform,” said Kevin Kaberna, Executive Director and leader of Greystar’s Investment Management platform in North America. “By leveraging our vertically-integrated platform and unique understanding of the nuances of multifamily investment and development, we are well-positioned to continue to tap into strategic investment opportunities across the US.”
Lashley along with Senior Director, Patrick Reilly will continue to oversee Greystar Credit Partners’ investment management activities.
Greystar is a leading, fully integrated global real estate company offering expertise in property management, investment management, and development services in institutional-quality rental housing, logistics, and life sciences sectors. Headquartered in Charleston, South Carolina, Greystar manages and operates more than $250 billion of real estate in 227 markets globally with offices throughout North America, Europe, South America, and the Asia-Pacific region. Greystar is the largest operator of apartments in the United States, manages nearly 794,000 units/beds globally, and has a robust institutional investment management platform comprised of more than $62 billion of assets under management, including over $26 billion of development assets. Greystar was founded by Bob Faith in 1993 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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