Greystar
Property development, Investment management, Property management | |
AUM | US$76 billion (2023) [1] |
---|---|
Number of employees | 23,000[2] |
Website | greystar |
Greystar Real Estate Partners is an international real estate developer and manager based in the United States. As of 2023, Greystar had over $76 billion in gross assets under management,[1] and operated in 17 countries.[3]
Greystar is the largest apartment manager in the United States in 2023,[4] with over 857,400 units/beds as of 2023.[1]
History
Founded in 1993 by chairman and CEO Bob Faith, and headquartered in Charleston, South Carolina, Greystar has over 22,000 employees[2] and 66 offices[5] representing 224 markets in the North America, South America, Europe, and the Asia-Pacific region.[6]
The company began operating in the UK in 2013.[7] In July 2017, Greystar announced it would acquire Monogram Residential Trust's 14,000-unit portfolio of 49 rental communities in ten states, for $3 billion.[8]
In June 2018, Greystar announced that it would acquire EdR, a manager of college housing communities in the US, for $4.6 billion.[9]
In 2019, the company was sued for violating consumer protection laws. In a Los Angeles County Superior Court filing, Greystar was charged with gathering extensive personal identifying information about its tenants without their knowledge or consent. At five Greystar-owned apartment buildings, the company collected information about its tenants' "character" and "general reputation."[10] In 2021, the firm's business model was alleged to be adding to Ireland's housing crisis.[11]
Greystar acquired the property management arm of Alliance Residential Co. in June 2020,[12] and in October 2020, Greystar acquired 45% of Thackeray Partners.[13] That December, Greystar partnered with Walker & Dunlop and Project Destined to create a paid internship program for students from diverse backgrounds in Durham, North Carolina.[14] Greystar and Project Destined expanded their partnership to students at South Carolina State University in 2022.[15]
In March 2021, Greystar, along with partners Ivanhoé Cambridge and Bouwinvest, announced a $1.1 billion joint venture to develop and acquire housing for students and young professionals in the greater Paris area[16] and a joint venture in multifamily housing in Chile.[17] Greystar acquired the rest of Thackeray Partners in May 2021[18][19] and partnered with the University of South Carolina to create a $210 million campus village.[20] Greystar also announced a partnership with CPP Investment Board to pursue life sciences development with a $74 million office and lab in Somerville, Massachusetts,[21] as well as a joint venture to develop and acquire single-family and multifamily rental communities.[22][23] In November, the company announced an additional $600 million investment in more student housing development, with partnerships with the University of Maryland, College Park and the University of Texas at Austin.[24] In December 2021, Greystar acquired Fizzy Living[25] and began expanding its presence in the industrial sector.[19]
Greystar secured roughly $883 million of investments in June 2021 to expand in cities across Europe.[26] In 2023, Greystar's new buildings included a 21-story building in Chicago[27] and a mixed-use complex in downtown Austin;[28] it also acquired the London site of the 2012 Summer Olympics for conversion to rental units.[29] Greystar also opened a modular construction factory in Knox, Pennsylvania.[30] Greystar's modular apartment venture, Modern Living Solutions,[31] broke ground on its first multifamily project, in Coraopolis, Pennsylvania, in August 2023.[32] The company broke ground on Summerwell Sunterra, a build-to-rent community in the Houston area, in June 2023.[33] As of September 2023, Greystar has acquired or developed 12 communities under its Summerwell brand focused on single-family rentals.[34]
References
- ^ a b c "Investment Management - Quarterly Metrics Graphic". Greystar. Archived from the original on December 9, 2023. Retrieved March 14, 2024.
$76+ billion AUM across multiple strategies and geographies
- ^ a b Wilcox, Don. "Minto, Greystar JV acquires B.C. mall for major redev". Real Estate News EXchange.
- ^ Salmonsen, Mary. "Greystar reshapes design strategy around remote work boom". Multifamily Dive. Retrieved August 12, 2023.
- ^ "NMHC 50 Largest Apartment Managers". Retrieved August 18, 2023.
- ^ Segall, Eli (November 15, 2022). "Real estate giant building 2 apartment projects in Las Vegas area". Las Vegas Review-Journal. Retrieved August 18, 2023.
- ^ Mosher, Diana. "Behind Greystar's Global Expansion". Multi-Housing News.
- ^ Aygoren, Sule (November 6, 2018). "Multifamily Influencer: Greystar Real Estate Partners". GlobeSt. Retrieved September 26, 2019.
- ISSN 0099-9660. Retrieved October 21, 2018.
- ^ Reuters Editorial. "Greystar to buy Education Realty in $4.6 billion deal". U.K. Retrieved October 21, 2018.
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has generic name (help) - ^ Blake, Matthew (May 26, 2020). "Greystar probed tenants' "character," "reputation," "rental history," lawsuit claims". TRD. Los Angeles. Retrieved May 26, 2020.
- ^ Correspondent, Harry McGee Political. "Investment funds are becoming bigger property players in Dublin suburbs". The Irish Times. Retrieved August 22, 2021.
- ^ Isaacson, Greg (June 3, 2020). "Greystar Acquires Alliance's Property Management Arm". Multifamily Real Estate News. Retrieved October 11, 2022.
- ^ "Greystar Buys Stake in Thackeray Partners". Multifamily Real Estate News. September 17, 2020. Retrieved June 14, 2022.
- ^ Asbury, Kyla (December 28, 2020). "Partnership leads to internship program for students". Palmetto Business Daily. Retrieved October 12, 2022.
- ^ "SCSU partners with Greystar for virtual internship program". The Times and Democrat. May 7, 2022. Retrieved October 27, 2022.
- ^ Kalinoski, Gail (June 23, 2020). "Ivanhoé, Greystar, Bouwinvest Form $1.1B Venture". Multifamily Real Estate News. Retrieved June 14, 2022.
- ^ "Greystar and Ivanhoé Cambridge form multifamily JV in Chile". Real Assets. Retrieved June 14, 2022.
- ^ "Greystar closes on remaining 55% interest in Thackeray Partners". Institutional Real Estate, Inc. May 18, 2021. Retrieved October 11, 2022.
- ^ a b Ou, Christie (December 1, 2021). "Greystar makes industrial push into new region". PERE. Retrieved October 11, 2022.
- ^ Holdman, Jessica. "USC breaks ground on $210M student housing project — largest in school's history". Post and Courier. Retrieved June 14, 2022.
- ^ Shaver, Les (July 9, 2021). "CPP Investments and Greystar Form Life Sciences Development JV". GlobeSt. Retrieved October 12, 2022.
- ^ Bergeron, Paul (December 10, 2021). "Greystar, CPP Investments Partner on SFR Market". GlobeSt. Retrieved June 14, 2022.
- ^ "CPP Investments and Greystar to invest $389m in U.S. multifamily developments". Institutional Real Estate, Inc. January 7, 2021. Retrieved June 14, 2022.
- ^ McDermott, John (November 3, 2021). "Charleston's Greystar to invest $600M in student housing projects". Post and Courier. Retrieved June 14, 2022.
- ^ Lowe, Richard (December 16, 2021). "ADIA and Greystar to invest £2.2bn in London housing". IPE Real Assets. Retrieved October 11, 2022.
- ^ McDermott, John. "SC real estate giant Greystar doubles down on the Continent". Post and Courier. Retrieved June 14, 2022.
- ^ Crawford, Jack. "One Six Six Completes Construction In Fulton Market". Chicago YIMBY.
- ^ Rambin, James. "Gosh, That Building Sure is Blue". Austin Towers. Retrieved August 12, 2023.
- ^ Kalyanaraman, Srividya. "Greystar Buys London Olympic Site for Rental Housing Project". Skift.
- ^ Serlin, Christine (May 23, 2023). "Greystar Tackles Nation's Attainable Housing Need". MultiFamily Executive. Retrieved August 18, 2023.
- ^ Schooley, Tim (August 14, 2023). "Greystar's Modern Living Solutions modular apartment venture starts first project in Coraopolis". Pittsburgh Business Times. Retrieved December 18, 2023.
- ^ Salmonsen, Mary (September 8, 2023). "Greystar ramps up modular housing production". Multifamily Dive. Retrieved December 18, 2023.
- ^ Martin, Florian (September 27, 2023). "Greystar starts first Houston-area build-to-rent community in Katy". Houston Business Journal. Retrieved December 18, 2023.
- ^ Serlin, Christine (September 22, 2023). "Greystar Expands Its Single-Family Build-to-Rent Portfolio". Multifamily Executive. Retrieved December 18, 2023.