Charleston, S.C.—Greystar recently announced the recent promotion of David Reid to senior managing director of development. In this role, Reid will continue to seek new development opportunities, source capital and oversee the completion of Greystar’s developments in key markets, including Houston, Minneapolis, Denver and South Florida.
Over the past two years, Greystar has seen record growth in its development pipeline and was recently named the largest builder of apartment communities in 2012, with 5,360 units started. During the first half of 2013, Greystar has continued at a strong pace, closing on eight new planned apartment projects, which will comprise 2,271 units when fully developed.
Reid will continue to pursue new development opportunities in key markets, including Houston, Minneapolis, Denver and South Florida. He will be responsible for setting regional operational goals, overseeing the progress of projects in development and establishing staffing requirements to ensure on-time and on-budget completion. He will also provide oversight, direction and assistance to other team members and actively participate in sourcing capital needed to support regional and the company wide goals.
Reid began his real estate development career with Greystar in 1997, where he played a key role in many of Greystar’s early development projects in Texas, Colorado and Louisiana. More recently he has been involved with development of the company’s Elan apartment communities, identifying development opportunities in new markets. He helped the company acquire control of land in Huntington Beach, which is now being developed as Elan Huntington Beach, Greystar’s first development in California. Later in June of 2011, he secured control of three parcels of land in the Uptown area of Minneapolis, which are now under construction with a two-phased project that will contain 577 units. The first phase of the project, Elan Uptown, is scheduled to open in September of this year, and will be Greystar’s first apartment development in Minnesota.
In 2012, Reid contracted on a site in the Lower Downtown (“LoDo”) district of Denver. The site is currently being constructed with a 314-unit mixed-use project known as Elan Chestnut Place, which will include a King Soopers grocery store on the ground floor. While this will be Greystar’s third development project in Denver, it is its first new project in Colorado in over a decade.
Most recently, on July 2, 2013, Greystar closed on a site sourced by Reid located at the intersection of Sunrise Boulevard and 16th Avenue in Fort Lauderdale, Florida. Construction of Elan Sunrise, a 261-unit, six-story apartment community will commence immediately and will be the company’s first apartment development in Fort Lauderdale.