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User:OJDrucker/sandbox/Greystar Sandbox

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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)[1]
Number of employees
22,200 (2023)[2]
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 2022, Greystar had over $74 billion in gross assets under management,[3] and operated in 17 countries.[4]

Greystar was the largest apartment management company in the United States in 2021,[5] with over 803,000 units/beds as of 2023.[6]

History

[edit]

Founded in 1993 by chairman and CEO Bob Faith, and headquartered in Charleston, South Carolina, Greystar has over 22,200 employees [7] and 66 offices representing 224 markets in the US, Europe, Latin America, South America and Asia-Pacific region.[8]

The company began operating in the UK in 2013.[9] 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.[10]

In June 2018, Greystar announced that it would acquire EdR, a manager of college housing communities in the US, for $4.6 billion.[11]

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."[12] In 2021, the firm's business model was alleged to be adding to Ireland's housing crisis.[13]

Greystar acquired the property management arm of Alliance Residential Co. in June 2020,[14] and in October 2020, Greystar acquired 45% of Thackeray Partners.[15] 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.[16] Greystar and Project Destined expanded their partnership to students at South Carolina State University in 2022.[17]

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[18] and joint venture in multifamily housing in Chile.[19] Greystar acquired the rest of Thackeray Partners in May 2021[20][21] and partnered with the University of South Carolina to create a $210 million campus village.[22] Greystar also announced a partnership with CPP Investment Board to pursue life sciences development with a $74 million office and lab in Somerville, Massachusetts,[23] as well as a joint venture to develop and acquire single-family and multifamily rental communities.[24][25] 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.[26] In December 2021, Greystar acquired Fizzy Living[27] and began expanding its presence in the industrial sector.[28]

Greystar secured roughly $883 million of investments in June 2021 to expand in major cities across Europe.[29] By July 2022, the Greystar Equity Partners Europe I fund had attracted €1.55 billion ($1.57 billion) and its portfolio included 22 properties in six countries.[1] In 2023, Greystar continued its expansion, including a green 21-story luxury building in Chicago,[30] a mixed use complex in downtown Austin with 42 total stories.[31], and acquiring the London Olympic Site for conversion to rental units.[32] In March of 2023, Greystar announced the creation of an affordable housing brand, Ltd by Greystar.[33]

In 2021, the National Multifamily Housing Council ranked Greystar the #1 largest apartment manager,[34] #6 largest apartment owner,[35] #1 largest developer,[36] and #6 largest builder.[37] In 2022, Greystar operated in 13 countries,[38] including China, France, Germany, Ireland, Mexico, the Netherlands, Spain, the United Kingdom, and the United States.[39]

References

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  1. ^ a b Barreto, Susan (8 July 2022). "Greystar raises European residential fund - Alternatives Watch". Alternatives Watch. Retrieved 18 October 2022.
  2. ^ Wilcox, Don. "Minto, Greystar JV acquires B.C. mall for major redev". Real Estate News EXchange.
  3. ^ Norton, Ross. "Work begins on 2 million-square-foot industrial park in Spartanburg". Charleston Regional Business News. Retrieved 12 August 2023.
  4. ^ Salmonsen, Mary. "Greystar reshapes design strategy around remote work boom". Multifamily Dive. Retrieved 12 August 2023.
  5. ^ "NMHC 50 Largest Apartment Managers". Retrieved 9 January 2022.
  6. ^ Norton, Ross. "Work begins on 2 million-square-foot industrial park in Spartanburg". Charleston Regional Business News. Retrieved 12 August 2023.
  7. ^ Wilcox, Don. "Minto, Greystar JV acquires B.C. mall for major redev". Real Estate News EXchange.
  8. ^ Mosher, Diana. "Behind Greystar's Global Expansion". Multi-Housing News.
  9. ^ Aygoren, Sule (6 November 2018). "Multifamily Influencer: Greystar Real Estate Partners". GlobeSt. Retrieved 26 September 2019.
  10. ^ Mattioli, Dana (2017-07-04). "Monogram Residential to Be Acquired by Greystar-Led Group". Wall Street Journal. ISSN 0099-9660. Retrieved 2018-10-21.
  11. ^ Reuters Editorial. "Greystar to buy Education Realty in $4.6 billion deal". U.K. Retrieved 2018-10-21. {{cite news}}: |author= has generic name (help)
  12. ^ Blake, Matthew (May 26, 2020). "Greystar probed tenants' "character," "reputation," "rental history," lawsuit claims". TRD. Los Angeles. Retrieved May 26, 2020.
  13. ^ Correspondent, Harry McGee Political. "Investment funds are becoming bigger property players in Dublin suburbs". The Irish Times. Retrieved 2021-08-22. {{cite web}}: |last= has generic name (help)
  14. ^ Isaacson, Greg (3 June 2020). "Greystar Acquires Alliance's Property Management Arm". Multifamily Real Estate News. Retrieved 11 October 2022.
  15. ^ "Greystar Buys Stake in Thackeray Partners". Multifamily Real Estate News. 2020-09-17. Retrieved 2022-06-14.
  16. ^ Asbury, Kyla (28 December 2020). "Partnership leads to internship program for students". Palmetto Business Daily. Retrieved 12 October 2022.
  17. ^ "SCSU partners with Greystar for virtual internship program". The Times and Democrat. 7 May 2022. Retrieved 27 October 2022.
  18. ^ Kalinoski, Gail (2020-06-23). "Ivanhoé, Greystar, Bouwinvest Form $1.1B Venture". Multifamily Real Estate News. Retrieved 2022-06-14.
  19. ^ "Greystar and Ivanhoé Cambridge form multifamily JV in Chile". Real Assets. Retrieved 2022-06-14.
  20. ^ "Greystar closes on remaining 55% interest in Thackeray Partners". Institutional Real Estate, Inc. 18 May 2021. Retrieved 11 October 2022.
  21. ^ Ou, Christie (1 December 2021). "Greystar makes industrial push into new region". PERE. Retrieved 11 October 2022.
  22. ^ Holdman, Jessica. "USC breaks ground on $210M student housing project — largest in school's history". Post and Courier. Retrieved 2022-06-14.
  23. ^ Shaver, Les (9 July 2021). "CPP Investments and Greystar Form Life Sciences Development JV". GlobeSt. Retrieved 12 October 2022.
  24. ^ Bergeron, Paul (10 December 2021). "Greystar, CPP Investments Partner on SFR Market". GlobeSt. Retrieved 2022-06-14.
  25. ^ "CPP Investments and Greystar to invest $389m in U.S. multifamily developments". Institutional Real Estate, Inc. 2021-01-07. Retrieved 2022-06-14.
  26. ^ McDermott, John (3 November 2021). "Charleston's Greystar to invest $600M in student housing projects". Post and Courier. Retrieved 2022-06-14.
  27. ^ Lowe, Richard (16 December 2021). "ADIA and Greystar to invest £2.2bn in London housing". IPE Real Assets. Retrieved 11 October 2022.
  28. ^ Ou, Christie (1 December 2021). "Greystar makes industrial push into new region". PERE. Retrieved 11 October 2022.
  29. ^ McDermott, John. "SC real estate giant Greystar doubles down on the Continent". Post and Courier. Retrieved 2022-06-14.
  30. ^ Crawford, Jack. "One Six Six Completes Construction In Fulton Market". Chicago YIMBY.
  31. ^ Rambin, James. "Gosh, That Building Sure is Blue". Austin Towers. Retrieved 12 August 2023.
  32. ^ Kalyanaraman, Srividya. "Greystar Buys London Olympic Site for Rental Housing Project". Skift.
  33. ^ Salmonsen, Mary. "DIVE BRIEF Greystar launches attainable housing brand". Construction Dive. Retrieved 12 August 2023.
  34. ^ "2021 Top Manager List". National Multifamily Housing Council. Retrieved 2022-06-14.
  35. ^ "2021 Top Owners List". National Multifamily Housing Council. Retrieved 2022-06-14.
  36. ^ "2021 Top Developers List". National Multifamily Housing Council. Retrieved 2022-06-14.
  37. ^ "2021 Top Builders". National Multifamily Housing Council. Retrieved 2022-06-14.
  38. ^ Nelson, John (2020-06-02). "Greystar Acquires Property Management Business of Alliance Residential, Including Future Business". REBusinessOnline. Retrieved 2022-06-14.
  39. ^ "Discover Where You Want to Live". Retrieved 9 January 2022.
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