Greystar sells flagship real estate fund for $3.6bn

Greystar Real Estate Partners is selling a 30-property, U.S. multi-family portfolio for $3.6 billion, the firm announced this week.

The fund was part of Greystar’s flagship U.S. rental housing value-add fund series. Since its launch, the fund series raised $5 billion and the team acquired institutional quality apartment communities in target markets throughout the U.S. that present significant upside potential through operational efficiency and capital improvements.

The first fund in the series closed in November 2019 at $2 billion and is now fully invested. Greystar, which is based in Charleston, South Carolina, is the largest operator of apartments in the U.S., managing more than 748,000 units/beds, with approximately $45.1 billion of assets under management, including over $21.3 billion of assets under development.  

According to Greystar Founder, Chairman and CEO Bob Faith, the successful sale demonstrates the value of the firm’s global perspective and specialized local knowledge that allowed for the team to deliver on the best outcomes. The firm has a presence in 165 markets in the U.S. and 210 markets globally.

The transaction is the result of a multi-round bidding process with a broad range of leading institutional investors participating.

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