Fundraising - JUNE 11, 2014

Greystar closes $800m multifamily acquisition fund

by Andrea Waitrovich

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. 

The firm has been active this year, buying three apartment assets in London, totaling approximately $293.7 million according to data from Real Capital Analytics. The seller was Oasis Capital Bank. The highest priced asset was the 573-unit James Leicester Hall, selling for $124.9 million. The other two complexes include the 230-unit Lavington Street, selling for $97.8 million, and the 316-unit Wedgewood Court, selling for $71 million.

Greystar is a fully integrated real estate company offering expertise in investment management, development, and property management of residential properties.

Headquartered in Charleston, S.C., Greystar manages approximately 385,000 units in more than 100 markets. Greystar also has $1.5 billion of development under way and has a robust institutional investment management platform with more than $7.5 billion in assets under management in major markets globally. 

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