A Charleston-based company today announced it has bought 27 apartments with more than 8,000 rental units for $1.5 billion.
Greystar Real Estate Partners said it’s purchasing the properties from Equity Residential under joint venture with Goldman Sachs & Co.
The portfolio is spread across major U.S. cities and regions, including Washington, D.C., and San Francisco. The properties are not in South Carolina.
“This transaction fits perfectly in our investment strategy to acquire assets with strong existing cash flows at values below replacement cost located in markets with high employment and population growth,” said Bob Faith, Greystar’s chairman and CEO. “We are pleased that the composition of this portfolio of high-quality apartment communities aligns with locations where we have deep operational expertise. We believe these assets are positioned to benefit both from continued strength in the multifamily industry as well as from Greystar’s operational expertise.”
Faith was former Gov. Mark Sanford’s first commerce secretary. His Broad Street company is one of the largest owners and managers of apartments in the country.
Locally, Greystar is developing the 200-unit Elan Midtown apartment complex near Meeting and Spring streets in downtown Charleston. It is scheduled to be completed by mid-2013.
See upcoming editions of The Post and Courier for more details.