TYSON’S CORNER, VA-Greystar Real Estate is planning to widen its presence in the Mid-Atlantic multifamily markets with a three-pronged strategy of expanding its third-party management services, stepping up acquisitions and restarting its development pipeline. The company is in control of five locations around the DC area that will eventually be developed into a total of 1,500 units, CEO Bob Faith tells GlobeSt.com in an exclusive interview. "I believe we will become one of the market’s leading multifamily developers this year and next," he says. The company plans to break ground on its first projects at the end of this year and continue into 2012.
The sites are in Northern Virginia and Maryland and the company is actively scouting for additional sites. Faith says he hopes to develop 1,500 units a year for the next two years.
The company is also close to its first closing of Greystar Equity, a $400-million to $500-million equity fund that, with leverage, will give the firm $1.5 billion in purchasing power. It plans to acquire assets throughout the nation but with an emphasis on this region, Faith says.
Finally, the firm is adding two executives to its local office here. Both are being recruited from within the company. Effective March 1st, Debbie Webre, will become senior managing director of Real Estate and Brett Lashley, senior director. Webre is relocating from Houston, where she had responsibility for Greystar’s central region. Lashley is relocating from corporate headquarters in Charleston, SC. He will coordinate new business in the Mid-Atlantic and New England.
Greystar currently manages 11,600 multifamily units in 31 properties located in the Mid-Atlantic and New England markets. The company plans to increase its presence "materially" in the region, Faith says, pointing to a consolidation that is underway among multifamily service providers now. "There is a lot of change in ownership, some of which is voluntary, some of which is not. We do a lot of receiverships and expect to build out that business."
Greystar started out in Texas, quickly expanding throughout the southeast and Sunbelt states. It is now focusing on growing in the Mid-Atlantic and New England areas. "We see it as a natural progression of our company’s organic growth."
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
