Greystar Real Estate Partners, on behalf of its affiliates, has held a final close of Greystar Equity Partners XI (GEP XI) with aggregate equity commitments of $1.9 billion.

A discretionary, commingled vehicle, GEP XI offers a strategic allocation to development and alternative rental residential sectors, providing access to Greystar’s living sector pipeline across both value-added acquisitions and development.

Since 2011, Greystar has raised more than $6.5 billion for its flagship value-add fund series. The fund intends to leverage Greystar’s vertically integrated platform to create operating efficiencies, implement strategic capital improvements and drive value across the GEP XI portfolio.

“With nearly $1.5 billion in dry powder, we’re excited about seizing current market opportunities and further enhancing Greystar’s flagship fund series,” says Kevin Kaberna, executive director and leader of Greystar’s North America Investment Management busines