The Charleston-based company that manages more apartments than any other venture in the country acquired a chic property in Portland, Oregon’s "sought-after" West End, the firm says.
Greystar Real Estate Partners, LLC disclosed that it bought Indigo at Twelve West, a community with 273 apartment homes that's one of the premier multifamily mixed-use properties in Portland, the business says. The purchase represents a compelling opportunity for Greystar to buy a top-end rental complex with plenty of amenities and located in an affluent city neighborhood, the company adds.
"The acquisition of Indigo at Twelve West complements Greystar's strategy of acquiring high-quality assets where we can add value through operational improvements and renovation upside in highly desirable submarkets like the West End, which is Portland’s most sought-after urban neighborhood,” says Kevin Kaberna, executive director and leader of Greystar's U.S. investment wing. "We were able to purchase this property at a discount to (apartment) replacement cost, and we believe our plan to reduce controllable expenses and refresh the interiors will allow us to maximize the property’s tremendous potential and capitalize on what we expect will be a supply shortfall in the area through 2020," he says.
The nine-year-old rental community meets the Leadership in Energy and Environmental Design platinum standard for construction. Along with residential apartments, Indigo at Twelve West holds 86,000 square feet of "creative" office space and a 10,000-square-foot retail outlet, both of which are fully leased. The top-of-the-line property touts an all-glass façade with floor-to-ceiling windows, 10- to 12-foot ceilings, gas appliances and unparalleled views, according to Greystar. Built to condo specifications, the complex features an "unrivaled" host of attractions.
Greystar, which manages 435,000 rental units, owns 610 apartment homes in the Portland area and manages 13,700 more rental units in Oregon. Greystar plans to continue relying on its local market expertise and industry relationships to scout out attractive investments and management chances throughout greater Portland.
Headquartered on the Charleston peninsula, Greystar counts offices throughout the U.S., Europe, Latin America and Asia-Pacific. The company also oversees capital on behalf of a global network of institutional investors with nearly $26 billion in gross assets under management, including more than $9.7 billion of developments underway. It manages $6 billion in student housing properties, making the firm the 10th largest student housing operator in the U.S., largest in Spain and third biggest student housing owner in the United Kingdom.
Local businessman Bob Faith founded Greystar in 1993 "with the intent to become a provider of world class service in the rental housing real estate business." Visit www.greystar.com.