Greystar closes $800m multifamily acquisition fund

Greystar Real Estate Partners has held an $800 million close for its Greystar Equity Partners VIII, a discretionary commingled fund focused on the acquisition of value-add multifamily assets across the United States.

GEP VIII’s fund strategy is to aggregate a nationally diversified portfolio of high-quality multifamily assets in target markets that are poised for outperformance.

The firm has started to invest its capital. GEP VIII has allocated approximately $150 million toward a seed portfolio of 10 properties including an asset in Los Angeles and a collection of value-add opportunities in markets with high exposure to domestic energy employment including Houston and Dallas.

GEP VIII is Greystar’s most recent fund offering and follows Greystar Equity Partners VII, a $600 million predecessor value-add fund that is fully invested with concentrations in major markets nationwide.