A Charleston-based company that buys, sells and manages apartment complexes has raised $800 million to feed its acquisition pipeline.
Greystar Real Estate Partners said its new fund includes equity contributions from a "diverse group of global investors ranging from domestic and international pension plans to private wealth managers."
Greystar Equity Partners VIII LP's focus is to acquire high-quality multifamily properties in cities that are "poised for outperformance," the firm said.
Greystar is the nation's largest operator of apartments, with 385,000 units under its management.
The firm has been on an buying spree of late, including its recent purchase of the nation's second-biggest multifamily manager, Dallas-based Riverstone Residential Group.
Also, Greystar has been expanding abroad by investing in the United Kingdom and Mexico.
"The recent expansion of our operating platform gives us even greater depth throughout the major markets in the U.S., which will further enhance our ability to identify and execute on attractive investment opportunities for our investors," CEO Bob Faith said in a statement.
Greystar has already used about $150 million from its newest fund to buy 10 properties, including one in Los Angeles and others in Houston and Dallas.
"While the multifamily landscape has evolved over the last couple years, we continue to have a positive outlook on the industry driven by strong secular demand trends and headwinds against widespread overdevelopment," said Wes Fuller, head of Greystar's investment management business. "We believe the environment is one that favors value-add expertise, and we are keenly focused on finding the right opportunities in the right markets."
In its previous fund, Greystar raised $600 million.
Locally, the Broad Street is a partner with The Post and Courier's parent company in the first phase of Courier Square, a mixed-use real estate development planned around the newspaper's Columbus Street headquarters in Charleston.
Contact John McDermott at 937-5572.