Greystar holds USD2bn final close of 10th US Multifamily Value-Add Real Estate Fund
Greystar Real Estate Partners (Greystar), on behalf of its affiliates, has held the final close of Greystar Equity Partners X (GEP X) with aggregate equity commitments of USD2 billion from a diverse group of global institutional investors from North America, Continental Europe and Asia-Pacific.
GEP X represents the largest ever fundraise for a US multifamily value-add fund. GEP X is the 10th in Greystar’s flagship series of funds focused on acquiring existing assets in top US markets that exhibit favourable rental housing fundamentals.
“This is an exciting close to a milestone fundraise for our team. We have been laser focused on continuously refining our value-add strategy and cultivating strong relationships with our investment partners, and we are proud of the outcome here,” says Bob Faith, Founder, Chairman and CEO of Greystar. “We’re grateful for the trust that a growing number of global institutions place in us.”
Since 2011, Greystar has raised more than USD4.5 billion for its flagship value-add fund series. GEP X reached its hard cap and was oversubscribed with both new and existing institutional investors, reflecting strong global demand for rental residential investment strategies. The fund intends to leverage Greystar’s vertically integrated platform to drive value across the GEP X portfolio by creating operating efficiencies and implementing strategic capital improvements.
“As we move later into the real estate cycle, we are seeing that global institutional investors are increasingly flocking to more defensive investment strategies with integrated managers,” says Kevin Kaberna, Executive Director of Greystar’s US Investment Management business. “We continue to seek to identify compelling cash flowing investments that align with our strategic priorities, and we remain confident in our team’s ability to prudently deploy capital.”