CHARLESTON, SC—Greystar Real Estate Partnerssaid Wednesday it had closed its Greystar Equity Partners VIII LPcommingled fund at $800 million. The fund, which will targetvalue-add multifamily acquisitions across the US,drew from global investors ranging from domestic and internationalpension plans to private wealth managers.

Already, GEP VIII has allocated about $150 million of the$800-million fund, which follows a $600-million predecessor fund.GEP VIII's initial acquisitions will create a seed portfolio of 10properties, including one in Los Angeles and a collection ofvalue-add opportunities in markets focused on the energy sector,including Houston and Dallas.

Greystar's strategy with GEP VIII is to identify multifamilyproperties that will complement its operations platform, alreadythe largest in the nation. As GlobeSt.com reported this pastThursday, Greystar is making that platform even larger with theacquisition of its biggest competitor in the management space,Dallas-based Riverstone Residential Group, which it acquired fromLondon-based CAS Capital Ltd. The deal expandsGreystar's management portfolio to more than 385,000 units acrossthe US and overseas.

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Paul Bubny

Paul Bubny is managing editor of Real Estate Forum and GlobeSt.com. He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.