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 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.

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Paul Bubny

Paul Bubny is managing editor of Real Estate Forum and 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.