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'''Greystar Real Estate Partners''' is an international real estate developer and manager based in the United States. As of 2023, Greystar had over $74 billion in gross [[assets under management]],<ref>{{cite web |last1=Norton |first1=Ross |title=Work begins on 2 million-square-foot industrial park in Spartanburg |url=https://charlestonbusiness.com/news/construction/83688/ |website=Charleston Regional Business News |access-date=12 August 2023}}</ref> and operated in 17 countries.<ref>{{cite web |last1=Salmonsen |first1=Mary |title=Greystar reshapes design strategy around remote work boom |url=https://www.multifamilydive.com/news/greystar-reshapes-design-strategy-around-remote-work-boom/633109/ |website=Multifamily Dive |access-date=12 August 2023}}</ref>
'''Greystar Real Estate Partners''' is an international real estate developer and manager based in the United States. As of 2023, Greystar had over $74 billion in gross [[assets under management]],<ref>{{cite web |last1=Norton |first1=Ross |title=Work begins on 2 million-square-foot industrial park in Spartanburg |url=https://charlestonbusiness.com/news/construction/83688/ |website=Charleston Regional Business News |access-date=12 August 2023}}</ref> and operated in 17 countries.<ref>{{cite web |last1=Salmonsen |first1=Mary |title=Greystar reshapes design strategy around remote work boom |url=https://www.multifamilydive.com/news/greystar-reshapes-design-strategy-around-remote-work-boom/633109/ |website=Multifamily Dive |access-date=12 August 2023}}</ref>


Greystar was the largest apartment manager in the United States in 2023,<ref>{{Cite web|title=NMHC 50 Largest Apartment Managers|url=https://www.nmhc.org/research-insight/the-nmhc-50/top-50-lists/2023-top-managers-list/|accessdate=18 August 2023}}</ref> with over 803,000 units/beds as of 2023.<ref>{{cite web |last1=Norton |first1=Ross |title=Work begins on 2 million-square-foot industrial park in Spartanburg |url=https://charlestonbusiness.com/news/construction/83688/ |website=Charleston Regional Business News |access-date=12 August 2023}}</ref>
Greystar is the largest apartment manager in the United States in 2023,<ref>{{Cite web|title=NMHC 50 Largest Apartment Managers|url=https://www.nmhc.org/research-insight/the-nmhc-50/top-50-lists/2023-top-managers-list/|accessdate=18 August 2023}}</ref> with over 803,000 units/beds as of 2023.<ref>{{cite web |last1=Norton |first1=Ross |title=Work begins on 2 million-square-foot industrial park in Spartanburg |url=https://charlestonbusiness.com/news/construction/83688/ |website=Charleston Regional Business News |access-date=12 August 2023}}</ref>


==History==
==History==

Revision as of 19:36, 1 September 2023

Greystar Real Estate Partners
Company typePrivate company
IndustryReal estate
Founded1993; 31 years ago (1993)
FounderBob Faith
HeadquartersCharleston, South Carolina, US
Key people
Bob Faith, CEO and Chairman
ServicesProperty development, Investment management, Property management
Total assetsUS$58.2 billion (2022)
Number of employees
23,000[1]
Websitegreystar.com
Roosevelt Point Apartments in Phoenix, Arizona, are operated by Greystar

Greystar Real Estate Partners is an international real estate developer and manager based in the United States. As of 2023, Greystar had over $74 billion in gross assets under management,[2] and operated in 17 countries.[3]

Greystar is the largest apartment manager in the United States in 2023,[4] with over 803,000 units/beds as of 2023.[5]

History

Founded in 1993 by chairman and CEO Bob Faith, and headquartered in Charleston, South Carolina, Greystar has over 22,000 employees[1] and 66 offices[6] representing 224 markets in the North America, South America, Europe, and the Asia-Pacific region.[7]

The company began operating in the UK in 2013.[8] In July 2017, Greystar announced it would acquire Monogram Residential Trust's 14,000-unit portfolio of 49 rental communities in ten states, for $3 billion.[9]

In June 2018, Greystar announced that it would acquire EdR, a manager of college housing communities in the US, for $4.6 billion.[10]

In 2019, the company was sued for violating consumer protection laws. In a Los Angeles County Superior Court filing, Greystar was charged with gathering extensive personal identifying information about its tenants without their knowledge or consent. At five Greystar-owned apartment buildings, the company collected information about its tenants' "character" and "general reputation."[11] In 2021, the firm's business model was alleged to be adding to Ireland's housing crisis.[12]

Greystar acquired the property management arm of Alliance Residential Co. in June 2020,[13] and in October 2020, Greystar acquired 45% of Thackeray Partners.[14] That December, Greystar partnered with Walker & Dunlop and Project Destined to create a paid internship program for students from diverse backgrounds in Durham, North Carolina.[15] Greystar and Project Destined expanded their partnership to students at South Carolina State University in 2022.[16]

In March 2021, Greystar, along with partners Ivanhoé Cambridge and Bouwinvest, announced a $1.1 billion joint venture to develop and acquire housing for students and young professionals in the greater Paris area[17] and a joint venture in multifamily housing in Chile.[18] Greystar acquired the rest of Thackeray Partners in May 2021[19][20] and partnered with the University of South Carolina to create a $210 million campus village.[21] Greystar also announced a partnership with CPP Investment Board to pursue life sciences development with a $74 million office and lab in Somerville, Massachusetts,[22] as well as a joint venture to develop and acquire single-family and multifamily rental communities.[23][24] In November, the company announced an additional $600 million investment in more student housing development, with partnerships with the University of Maryland, College Park and the University of Texas at Austin.[25] In December 2021, Greystar acquired Fizzy Living[26] and began expanding its presence in the industrial sector.[27]

Greystar secured roughly $883 million of investments in June 2021 to expand in cities across Europe.[28] In 2023, Greystar's new buildings included a 21-story building in Chicago[29] and a mixed-use complex in downtown Austin;[30] it also acquired the London site of the 2012 Summer Olympics for conversion to rental units.[31] Greystar also opened a modular construction factory in Knox, Pennsylvania.[32]

References

  1. ^ a b Wilcox, Don. "Minto, Greystar JV acquires B.C. mall for major redev". Real Estate News EXchange.
  2. ^ Norton, Ross. "Work begins on 2 million-square-foot industrial park in Spartanburg". Charleston Regional Business News. Retrieved August 12, 2023.
  3. ^ Salmonsen, Mary. "Greystar reshapes design strategy around remote work boom". Multifamily Dive. Retrieved August 12, 2023.
  4. ^ "NMHC 50 Largest Apartment Managers". Retrieved August 18, 2023.
  5. ^ Norton, Ross. "Work begins on 2 million-square-foot industrial park in Spartanburg". Charleston Regional Business News. Retrieved August 12, 2023.
  6. ^ Segall, Eli (November 15, 2022). "Real estate giant building 2 apartment projects in Las Vegas area". Las Vegas Review-Journal. Retrieved August 18, 2023.
  7. ^ Mosher, Diana. "Behind Greystar's Global Expansion". Multi-Housing News.
  8. ^ Aygoren, Sule (November 6, 2018). "Multifamily Influencer: Greystar Real Estate Partners". GlobeSt. Retrieved September 26, 2019.
  9. ^ Mattioli, Dana (July 4, 2017). "Monogram Residential to Be Acquired by Greystar-Led Group". Wall Street Journal. ISSN 0099-9660. Retrieved October 21, 2018.
  10. ^ Reuters Editorial. "Greystar to buy Education Realty in $4.6 billion deal". U.K. Retrieved October 21, 2018. {{cite news}}: |author= has generic name (help)
  11. ^ Blake, Matthew (May 26, 2020). "Greystar probed tenants' "character," "reputation," "rental history," lawsuit claims". TRD. Los Angeles. Retrieved May 26, 2020.
  12. ^ Correspondent, Harry McGee Political. "Investment funds are becoming bigger property players in Dublin suburbs". The Irish Times. Retrieved August 22, 2021. {{cite web}}: |last= has generic name (help)
  13. ^ Isaacson, Greg (June 3, 2020). "Greystar Acquires Alliance's Property Management Arm". Multifamily Real Estate News. Retrieved October 11, 2022.
  14. ^ "Greystar Buys Stake in Thackeray Partners". Multifamily Real Estate News. September 17, 2020. Retrieved June 14, 2022.
  15. ^ Asbury, Kyla (December 28, 2020). "Partnership leads to internship program for students". Palmetto Business Daily. Retrieved October 12, 2022.
  16. ^ "SCSU partners with Greystar for virtual internship program". The Times and Democrat. May 7, 2022. Retrieved October 27, 2022.
  17. ^ Kalinoski, Gail (June 23, 2020). "Ivanhoé, Greystar, Bouwinvest Form $1.1B Venture". Multifamily Real Estate News. Retrieved June 14, 2022.
  18. ^ "Greystar and Ivanhoé Cambridge form multifamily JV in Chile". Real Assets. Retrieved June 14, 2022.
  19. ^ "Greystar closes on remaining 55% interest in Thackeray Partners". Institutional Real Estate, Inc. May 18, 2021. Retrieved October 11, 2022.
  20. ^ Ou, Christie (December 1, 2021). "Greystar makes industrial push into new region". PERE. Retrieved October 11, 2022.
  21. ^ Holdman, Jessica. "USC breaks ground on $210M student housing project — largest in school's history". Post and Courier. Retrieved June 14, 2022.
  22. ^ Shaver, Les (July 9, 2021). "CPP Investments and Greystar Form Life Sciences Development JV". GlobeSt. Retrieved October 12, 2022.
  23. ^ Bergeron, Paul (December 10, 2021). "Greystar, CPP Investments Partner on SFR Market". GlobeSt. Retrieved June 14, 2022.
  24. ^ "CPP Investments and Greystar to invest $389m in U.S. multifamily developments". Institutional Real Estate, Inc. January 7, 2021. Retrieved June 14, 2022.
  25. ^ McDermott, John (November 3, 2021). "Charleston's Greystar to invest $600M in student housing projects". Post and Courier. Retrieved June 14, 2022.
  26. ^ Lowe, Richard (December 16, 2021). "ADIA and Greystar to invest £2.2bn in London housing". IPE Real Assets. Retrieved October 11, 2022.
  27. ^ Ou, Christie (December 1, 2021). "Greystar makes industrial push into new region". PERE. Retrieved October 11, 2022.
  28. ^ McDermott, John. "SC real estate giant Greystar doubles down on the Continent". Post and Courier. Retrieved June 14, 2022.
  29. ^ Crawford, Jack. "One Six Six Completes Construction In Fulton Market". Chicago YIMBY.
  30. ^ Rambin, James. "Gosh, That Building Sure is Blue". Austin Towers. Retrieved August 12, 2023.
  31. ^ Kalyanaraman, Srividya. "Greystar Buys London Olympic Site for Rental Housing Project". Skift.
  32. ^ Serlin, Christine (May 23, 2023). "Greystar Tackles Nation's Attainable Housing Need". MultiFamily Executive. Retrieved August 18, 2023.
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