Greystar, Partners Close on $450M Rental Housing Fund

Shanghai

Greystar Real Estate Partners along with investment partners APG Asset Management, Bouwinvest Real Estate Investors and Macquarie, announced the first closing of a China-focused fund with $450 million in equity commitments.

The fund is the first within Greystar Asia-Pac, the rental housing platform established by Greystar and MIRA Real Estate (part of Macquarie) last year. The platform will operate as a vertically integrated owner, developer and operator of rental housing in Asia-Pacific.

The China fund will invest in high-quality assets in top-tier Chinese markets with an initial focus on Shanghai, according to Greystar.

“China is an extraordinarily compelling growth market for rental housing investment today and is notably lacking in quality housing for the wave of renter demand driven by the rapid growth of urban market populations and incomes,” said Wes Fuller, leader of Greystar’s global Investment Management business, in prepared remarks. “Establishing this fund gives us an early mover advantage to implement our unique investment strategy by assembling and operating an unrivaled rental housing portfolio at scale.”

NEW MARKETS

The partnership is planning to close on its first investment, located in the inner ring of Shanghai. After closing on the investment, Greystar plans to reposition the asset into a rental building that will attract executives.

Greystar is the largest operator of apartments in the U.S. and manages and operates an estimated $115 billion of real estate in more than 180 markets globally. Last September, Greystar launched a platform in France to acquire and develop both student and multifamily properties.

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