AUGUST 26, 2013

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Greystar raises $140 million for eighth multifamily fund

by Andrea Waitrovich

Greystar Real Estate Partners held a first close for its Greystar Equity Partners VIII on Aug. 6. The value-added fund raised $140 million, according to a filing with the Securities and Exchange Commission. The fund aims to raise $600 million in equity.

Like its predecessor Greystar Equity PartnersVII, Fund VIIIwill focus on multifamily properties in major markets and be particularly interested in sites near transit centers. It also is looking for properties that are undervalued because of poor performance, which could be improved by building and grounds upgrades and by more intensive onsite management.

Greystar Equity Partners VII closed in 2011 with $600 million in equity commitments.The vehicle is fully invested.

Greystar has been an active investor in multifamily apartm

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