By Dees Stribling, Contributing Writer
New York—Greystone, a real estate investment and development firm, and Quilvest & Partners, a global private equity investor, have formed a joint venture to acquire U.S. multifamily assets. According to the partners, the initial target markets for property acquisition will be in the Southeast, mid-Atlantic and Midwest.
“We’re focused on second-tier markets in those regions that offer strong market drivers,” Jeffrey Simpson, head of Greystone’s property development group, tells MHN. Such markets include Greenville, S.C., Pensacola, Fla., and Raleigh, N.C., he adds.
“The regions we’re targeting for multifamily acquisitions have stable population growth, diversity in employers, and have proximity to transportation and infrastructure,” Simpson says. “All those are factors that create a stable environment for multifamily real estate investment.”
Greystone and Quilvest also say they’ll look for properties that have a value-add component, including repositioning through light rehabilitation and improved management. The ideal acquisition targets are of 1980s vintage — or newer — and over 200 units in size. Upon acquisition by the new entity, the properties will be managed by Greystone Property Management Corp.
New York-based Greystone, which began as a real estate lender, is now active in three major business segments: mortgage finance, healthcare and real estate. Quilvest, the private equity arm of the Quilvest Group, currently has around $27 billion in assets under management worldwide.