Canada Pension Plan Investment Board (CPP Investments) and Greystar Real Estate Partners have formed a new joint venture to develop and acquire purpose-built single-family rental communities in the United States.
CPP Investments and Greystar have allocated approximately $840 million in equity to the joint venture. CPP Investments will own a 95 percent stake, and Greystar will own the remaining 5 percent.
“We’re pleased to make our first investment in the sought-after single-family rental sector alongside our existing partner, Greystar,” said Peter Ballon, managing director, global head of real estate, CPP Investments. “Purpose-built single-family rental properties are becoming more desirable for a large and growing segment of renters in the United States particularly families or other renters looking for more space without sacrificing access to urban centers.”
The joint venture will develop and acquire professionally managed rental communities consist