A globally expanding apartment manager and owner based in South Carolina offered signals that one of the southernmost Latin American countries may be among the most bullish in terms of rental growth.

Greystar Real Estate Partners, LLC, and Creditcorp Capital — a leading investment bank in the Andean region — disclosed that their second rental housing development fund in Chile raised more than $100 million in equity commitments, the largest single pool of money accumulated in the country's history in regards to the rental housing market.

"We are pleased to expand our business in the Andean region with the completion of this historic fund-raise, and we are grateful for the strong support we have received from a mix of highly reputable institutional and private investors," says Bob Faith, chairman and chief executive of Charleston-headquartered Greystar, parent of the like-named real estate partners group.

The fund, called Fondo de Inversión Credicorp Capital Renta Residencial II, holds $350 million in capital available to invest, Greystar says. The money will finance the development and acquisition of five-to-seven rental housing properties totaling 1,500 apartment homes in the eastern region of Santiago, the country's capital and largest city with more than 5.6 million people. Fondo Renta Residencial II investors include a diverse group of insurance companies, family offices and high-net-worth individuals, reflecting a balanced mix of institutional and private investors, Greystar says.

“We continue to believe in the long-term fundamentals supporting continued residential investment in Chile and throughout the Andean region," says Bill Maddux, executive managing director of Greystar. "With these new developments, we will showcase the significant potential of rental housing projects to elevate the standard of living and offer greater choice for quality housing solutions in Latin America."

The first fund, Fondo Renta Residencial I, closed in fall 2016 after raising $37 million in equity. The investment is being used to develop a $90 million apartment community in Providencia, Chile, a district of Santiago. Both funds are focused on seeking to generate attractive returns for investors and delivering an unmatched living experience for residents, Greystar says.

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"Our experience as a global developer, investor and manager of rental housing combined with our deep local market knowledge of Chile provides us with a sustainable competitive advantage as we institutionalize the country's rental housing industry," says Tom Livelli, managing director for Greystar in Chile. "We are glad to once again partner with Credicorp Capital to grow our Latin American investment platform and further establish Greystar as the leading rental housing brand in Chile."

Greystar touts Chile as one of the most dynamic, open and stable economies in Latin countries, while showing the highest real per capita income in South America. Providing a tailwind for rental demand are shifts in demographics and housing preferences combined with a home price-to-income ratio in Santiago that exceeds that of other major global cities, the apartment home developer says.

The largest apartment operator in the U.S., Greystar manages more than 435,000 apartment homes and student beds in 150-plus markets around the world. Greystar's  investment management wing oversees capital on behalf of a global network of institutional investors with nearly $26 billion in gross assets — including more than $9.7 billion of developments underway.

Faith founded Greystar in 1993 "with the intent to become a provider of world class service in the rental housing real estate business," the company says. Go to www.greystar.com.