Greystar Sells U.S. Multifamily Value-Add Fund for Approximately $3.6B

Greystar, Ivanhoe Cambridge, Seattle, Mercer Island, Lynnwood, Avana One Six Four, Eastdil Secured, Shorewood,
Courtesy of Joshua Sortino

(EDITOR’S NOTE: According to industry reports, the buyer of the properties is Ivanhoe Cambridge. Ivanhoe Cambridge purchased three regional properties for a combined $481.9 million. The transaction included the 396 unit Avana Almaden in San Jose, Avana Stoneridge in Pleasanton, which totals 354 units and Avana Sunnyvale, which has 192 units. Ivanhoe Cambridge paid $196.7 million, $172.1 million, and $113.1 million, respectively, for the assets.)

Charleston, SC – Greystar Real Estate Partners LLC (“Greystar”), a global leader in the investment, development, and management of high-quality rental housing, has agreed to sell a 30-property, U.S. multifamily portfolio for ~$3.6 billion.

The fund was formed as part of Greystar’s flagship U.S. rental housing value-add fund series. The fund focuses on acquiring well-located, institutional quality apartment communities in target markets throughout the U.S. that present significant upside potential through operational efficiency and capital improvements. Since its launch, the fund series raised $5 billion. In November 2019, Greystar announced the final close of the most recent fund in the series, a $2 billion vehicle, which is now fully invested. The fund series includes a diverse group of global institutional investors from North America, Continental Europe, and Asia-Pacific.

“With a presence in 165 markets in the U.S. and 210 markets globally, Greystar’s vertically integrated platform has a breadth of expertise, and a real view on relative value and relative growth,” said Bob Faith, Founder, Chairman and CEO of Greystar. “The disposition demonstrates the value of combining our strong global perspective with our specialized local knowledge to be able to deliver the best outcomes for our capital partners.”

Eastdil Secured served as the exclusive financial advisor to Greystar. The transaction is the result of a robust and highly competitive process, with a broad set of leading institutional investors participating in a multi-round bidding process.

About Greystar

Greystar is a leading, fully integrated real estate company offering expertise in investment management, development, and management of rental housing properties globally. Headquartered in Charleston, South Carolina, Greystar manages and operates an estimated $220 billion of real estate in more than 210 markets globally including offices throughout North America, Europe, South America, and the Asia-Pacific region. Greystar is the largest operator of apartments in the United States, manages more than 748,000 units/beds, and has a robust institutional investment management platform with approximately $45.1 billion of assets under management, including over $21.3 billion of assets under development. Greystar was founded by Bob Faith in 1993 with the intent to become a provider of world-class service in the rental residential real estate business.

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