CPP Investments and Greystar to invest $389m in U.S. multifamily developments

Canada Pension Plan Investment Board (CPP Investments) and Greystar Real Estate Partners have formed a new joint venture to pursue multifamily real estate development opportunities in target markets in the United States.

CPP Investments has allocated $350 million in equity to the joint venture for a 90 percent stake, and Greystar has allocated $39 million for the remaining 10 percent. Greystar will manage and operate the portfolio on behalf of the joint venture.

CPP Investments has allocated $350 million in equity to the joint venture for a 90 percent stake, and Greystar has allocated $39 million for the remaining 10 percent. Greystar will manage and operate the portfolio on behalf of the joint venture.

“There is a significant undersupply of rental housing in the U.S. Despite the global pandemic and short-term economic uncertainty, there continues to be an opportunity for long-term investors to develop high-quality multifamily properties in growth markets,”