Greystar has agreed to sell a 30-property U.S. multifamily portfolio for approximately $3.6 billion to an undisclosed buyer.
According to Greystar, the portfolio attracted many leading institutional investors who participated in a multi-round bidding process. Eastdil Secured was the exclusive financial advisor to Greystar for the deal. Greystar declined to comment on anything further on the transaction.
The portfolio was created through Greystar’s flagship U.S. rental housing value-add fund series, Greystar Equity Partners. The fund acquired 30 institutional quality apartment communities that were well-located in target markets throughout the U.S. More specifically, the fund was looking for communities with significant upside potential that Greystar could take advantage of through instituting improved operational efficiency and capital improvements.
Bob Faith, founder, chairman & CEO of Greystar, said in prepared remarks that this disposition was the result of the company’s perspective of the global markets combined with its specialized local knowledge.
LATEST FUND RAISES $2B
Since its launch, the Greystar Equity Partners fund series has raised $5 billion in equity. In November 2019, Greystar announced the final close of its 10th fund in the series, Greystar Equity Partners X, which raised $2 billion in equity commitments. According to Greystar, the fund was the firm’s largest fundraise for a U.S. multifamily value-add fund yet and attracted investors from North America, continental Europe and the Asia-Pacific region.
Unlike its latest disposition, Greystar’s eighth fund in the series had sold a 372-unit luxury community in Dallas in December 2017 as its first disposition. The community was seed capital for Greystar Equity Partners VIII back in 2013 alongside eight other properties. Now, Greystar’s portfolio spans approximately $45.1 billion in assets under management, which includes $21.3 billion of assets under development.