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CHARLESTON, SC—Greystar Real Estate Partners has made a final close on its fund Greystar Equity Partners X with equity commitments of $2 billion. Greystar says that GEP X represents the largest ever fundraise for a US multifamily value-add fund.
Investors in GEP X included global institutional investors from North America, Continental Europe and Asia-Pacific.
Since 2011, Greystar has raised more than $4.5 billion for its flagship value-add fund series. GEP X reached its hard cap and was oversubscribed with both new and existing institutional investors.
"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," Kevin Kaberna, executive director of Greystar's US Investment Management business, says in prepared remarks.
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