Greystone, a real estate investment and development firm, and Quilvest & Partners, an independent private equity investor, have formed a joint venture to acquire multifamily assets across the US.
Initial target markets for asset acquisition include areas in the Southeast, mid-Atlantic and Midwest.
As part of the joint venture, Greystone and Quilvest will seek to acquire multifamily 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 joint venture, all properties will be managed and repositioned by Greystone Property Management Corporation.
“Quilvest maintains a similar vision to Greystone in its approach to multifamily asset acquisition, where we seek out opportunities to realise potential value through strategic repositioning or rehabilitation,” says Jeffrey Simpson, head of Greystone’s property development group. “Additionally, Greystone can provide a seamless and integrated property management component to ease the transition and improve the tenant experience for residents.”
“As we look to strategically capitalise on strong drivers supporting the US multifamily asset class, investing in management-intensive properties across select secondary cities is particularly attractive. Greystone has established itself as a leading player in this sector with its track record of investment in, management of, and lending to borrowers for multifamily property,” says Barry Hammerman, principal at Quilvest & Partners. “Our partnering with Greystone is consistent with Quilvest’s successful approach of capitalising vertically-integrated teams that are uniquely positioned to generate strong returns for our investors, and we look forward to working together to grow the portfolio around the country.”
To date, the Greystone-Quilvest joint venture has acquired properties in the Greenville metro area in South Carolina, the Florida panhandle and the Research Triangle of North Carolina.