Greystar Announces $1.9 Billion Final Close for 11th U.S. Multifamily Value-Add Real Estate Fund
Charleston, S.C. – April 23, 2024 - Greystar Real Estate Partners, LLC (“Greystar”), a global leader in the investment, development, and management of residential real estate, today announced, on behalf of its affiliates, the final close of Greystar Equity Partners XI (“GEP XI”) with aggregate equity commitments of $1.9 billion.
A discretionary, comingled 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-add acquisitions and development.
“We have maintained an unwavering focus on consistently refining our value-add strategy in an effort to deliver attractive risk-adjusted performance and build strong relationships with our partners. We take immense pride in the GEP series,” said Wes Fuller, Greystar’s Chief Investment Officer. “We believe our value-add rental housing strategy offers an attractive opportunity to invest in U.S. housing and add sorely needed higher quality supply for the large and growing cohort of young professionals, middle income families, and price conscious renters. We are grateful for the trust that our new and ongoing partners place in us."
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.
“Our platform is strategically designed to offer expertise and diversification across many rental housing sectors in North America,” said Kevin Kaberna, Executive Director and leader of Greystar’s North America Investment Management business. “We believe GEP XI will benefit from Greystar’s framework to identify relative value among multifamily, student, build-for-rent single-family rentals, and active adult properties. With nearly $1.5 billion in dry powder, we're excited about seizing current market opportunities and further enhancing Greystar’s flagship fund series.”
About Greystar
Greystar is a leading, fully integrated global real estate company offering expertise in property management, investment management, development, and construction services in institutional-quality rental housing, logistics, and life sciences sectors. Headquartered in Charleston, South Carolina, Greystar manages and operates more than $300 billion of real estate in 249 markets globally with 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 893,600 units/beds globally, and has a robust institutional investment management platform comprised of more than $78 billion of assets under management, including over $35 billion of development assets. Greystar was founded by Bob Faith in 1993 to become a provider of world class service in the rental residential real estate business. To learn more, visit www.greystar.com.
Media Contact
Garrett Derderian
Senior Director, Head of US External Communications
garrett.derderian@greystar.com