Greystar Explained

Greystar Real Estate Partners
Type:Private company
Founder:Bob Faith
Hq Location:Charleston, South Carolina, US
Key People:Bob Faith, CEO and Chairman
Industry:Real estate
Services:Property development, Investment management, Property management
Aum: billion (2023) [1]
Num Employees:23,000[2]

Greystar Real Estate Partners is an international real estate developer and manager based in the United States. As of 2023, Greystar had over $76 billion in gross assets under management,[1] and operated in 17 countries.[3]

Per NMHC report, Greystar was the largest apartment manager in the United States, with over 726,826 units/beds as of 2023.[4] [1]

Greystar Corporation has been a plaintiff in numerous lawsuits mostly filed by its tenants.

History

Founded in 1993 by chairman and CEO Bob Faith, and headquartered in Charleston, South Carolina, Greystar has over 22,000 employees[2] and 66 offices[5] representing 224 markets in the North America, South America, Europe, and the Asia-Pacific region.[6]

The company began operating in the UK in 2013.[7] 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.[8]

In June 2018, Greystar announced that it would acquire EdR, a manager of college housing communities in the US, for $4.6 billion.[9]

Greystar acquired the property management arm of Alliance Residential Co. in June 2020,[10] and in October 2020, Greystar acquired 45% of Thackeray Partners.[11] 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.[12] Greystar and Project Destined expanded their partnership to students at South Carolina State University in 2022.[13]

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[14] and a joint venture in multifamily housing in Chile.[15] Greystar acquired the rest of Thackeray Partners in May 2021[16] [17] and partnered with the University of South Carolina to create a $210 million campus village.[18] Greystar also announced a partnership with CPP Investment Board to pursue life sciences development with a $74 million office and lab in Somerville, Massachusetts,[19] as well as a joint venture to develop and acquire single-family and multifamily rental communities.[20] [21] 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.[22] In December 2021, Greystar acquired Fizzy Living[23] and began expanding its presence in the industrial sector.[17]

Greystar secured roughly $883 million of investments in June 2021 to expand in cities across Europe.[24] In 2023, Greystar's new buildings included a 21-story building in Chicago[25] and a mixed-use complex in downtown Austin;[26] it also acquired the London site of the 2012 Summer Olympics for conversion to rental units.[27] Greystar also opened a modular construction factory in Knox, Pennsylvania.[28] Greystar's modular apartment venture, Modern Living Solutions,[29] broke ground on its first multifamily project, in Coraopolis, Pennsylvania, in August 2023.[30] The company broke ground on Summerwell Sunterra, a build-to-rent community in the Houston area, in June 2023.[31] As of September 2023, Greystar has acquired or developed 12 communities under its Summerwell brand focused on single-family rentals.[32] In April 2024, the National Multifamily Housing Council, an industry trade group, announced that Greystar was the United States' largest apartment owner after adding over 10,000 units to its portfolio in 2023.[33]

Tenant lawsuits

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."[34] In 2021, the firm's business model was alleged to be adding to Ireland's housing crisis.[35]

In 2022, a tenant at a Greystar property in Charlotte, North Carolina filed a lawsuit against the company, alleging that Greystar failed to perform necessary building maintenance.[36] In October 2022, Greystar was a co-defendant in a lawsuit filed against the property management software company RealPage. The suit alleged that RealPage colluded with Greystar, among other property management companies, to fix rent prices at those companies' properties.[37]

On January 9, 2024, a tenant at a Greystar property in Lakewood, Colorado sued Greystar over alleged junk fees the company added to her monthly rent.[38] That same month, Greystar charged a Loveland, Colorado family $4,140 in lease-breaking penalty fees following the death of the lease's primary signer.[39]

Notes and References

  1. Web site: Investment Management - Quarterly Metrics Graphic . Greystar . https://web.archive.org/web/20231209140828/https://www.greystar.com/business-services/investment-management/text-version-quarterly-metrics-graphic . 2023-12-09 . 2024-03-14 . $76+ billion AUM across multiple strategies and geographies.
  2. Web site: Wilcox . Don . Minto, Greystar JV acquires B.C. mall for major redev. . Real Estate News EXchange.
  3. Web site: Salmonsen . Mary . Greystar reshapes design strategy around remote work boom . Multifamily Dive . 12 August 2023.
  4. Web site: NMHC 50 Largest Apartment Managers. 18 August 2023.
  5. News: Segall . Eli . Real estate giant building 2 apartment projects in Las Vegas area . 18 August 2023 . Las Vegas Review-Journal . 15 November 2022.
  6. Web site: Mosher . Diana . Behind Greystar’s Global Expansion . Multi-Housing News.
  7. News: Aygoren . Sule . Multifamily Influencer: Greystar Real Estate Partners . September 26, 2019 . GlobeSt . November 6, 2018.
  8. News: Monogram Residential to Be Acquired by Greystar-Led Group. Mattioli. Dana. July 4, 2017. Wall Street Journal. October 21, 2018. en-US. 0099-9660.
  9. News: June 25, 2018 . Greystar to buy Education Realty in $4.6 billion deal . https://web.archive.org/web/20181019205638/https://uk.reuters.com/article/uk-edr-m-a-greystar/greystar-to-buy-education-realty-in-46-billion-deal-idUKKBN1JL0PS . 2018-10-19 . October 21, 2018 . U.K. . en-GB.
  10. News: Isaacson . Greg . Greystar Acquires Alliance's Property Management Arm . October 11, 2022 . Multifamily Real Estate News . June 3, 2020.
  11. Web site: September 17, 2020 . Greystar Buys Stake in Thackeray Partners . June 14, 2022 . Multifamily Real Estate News . en-US.
  12. News: Asbury . Kyla . Partnership leads to internship program for students . October 12, 2022 . Palmetto Business Daily . December 28, 2020 . en.
  13. News: SCSU partners with Greystar for virtual internship program . October 27, 2022 . The Times and Democrat . May 7, 2022 . en.
  14. Web site: June 23, 2020 . Kalinoski. Gail. Ivanhoé, Greystar, Bouwinvest Form $1.1B Venture . June 14, 2022 . Multifamily Real Estate News . en-US.
  15. Web site: Greystar and Ivanhoé Cambridge form multifamily JV in Chile . June 14, 2022 . Real Assets . en.
  16. News: Greystar closes on remaining 55% interest in Thackeray Partners . October 11, 2022 . Institutional Real Estate, Inc. . May 18, 2021.
  17. News: Ou . Christie . Greystar makes industrial push into new region . October 11, 2022 . PERE . December 1, 2021.
  18. Web site: Holdman . Jessica . USC breaks ground on $210M student housing project — largest in school's history . June 14, 2022 . Post and Courier . en.
  19. News: Shaver . Les . CPP Investments and Greystar Form Life Sciences Development JV . October 12, 2022 . GlobeSt . July 9, 2021 . en.
  20. Web site: Bergeron . Paul . Greystar, CPP Investments Partner on SFR Market . June 14, 2022 . GlobeSt . en . December 10, 2021.
  21. Web site: January 7, 2021 . CPP Investments and Greystar to invest $389m in U.S. multifamily developments . June 14, 2022 . Institutional Real Estate, Inc..
  22. Web site: McDermott . John . Charleston's Greystar to invest $600M in student housing projects . June 14, 2022 . Post and Courier . en . November 3, 2021.
  23. News: Lowe . Richard . ADIA and Greystar to invest £2.2bn in London housing . October 11, 2022 . IPE Real Assets . December 16, 2021 . en.
  24. Web site: McDermott . John . SC real estate giant Greystar doubles down on the Continent . June 14, 2022 . Post and Courier . en.
  25. Web site: Crawford . Jack . One Six Six Completes Construction In Fulton Market . Chicago YIMBY.
  26. Web site: Rambin . James . Gosh, That Building Sure is Blue . Austin Towers . 12 August 2023.
  27. Web site: Kalyanaraman . Srividya . Greystar Buys London Olympic Site for Rental Housing Project . Skift.
  28. News: Serlin . Christine . Greystar Tackles Nation’s Attainable Housing Need . 18 August 2023 . MultiFamily Executive . 23 May 2023.
  29. News: Schooley . Tim . Greystar's Modern Living Solutions modular apartment venture starts first project in Coraopolis . 18 December 2023 . Pittsburgh Business Times . 14 August 2023.
  30. News: Salmonsen . Mary . Greystar ramps up modular housing production . 18 December 2023 . Multifamily Dive . 8 September 2023.
  31. News: Martin . Florian . Greystar starts first Houston-area build-to-rent community in Katy . 18 December 2023 . Houston Business Journal . 27 September 2023.
  32. News: Serlin . Christine . Greystar Expands Its Single-Family Build-to-Rent Portfolio . 18 December 2023 . Multifamily Executive . 22 September 2023.
  33. News: Leckie . John . Greystar Takes Over Top Spot From MAA as Nation’s Largest Apartment Owner . 23 April 2024 . CoStar News . 3 April 2024.
  34. News: Blake . Matthew . May 26, 2020 . Greystar probed tenants’ "character," "reputation," "rental history," lawsuit claims. TRD . Los Angeles. May 26, 2020 .
  35. Web site: Correspondent. Harry McGee Political. Investment funds are becoming bigger property players in Dublin suburbs. August 22, 2021. The Irish Times. en.
  36. News: Monreal . Jane . 'A lackadaisical approach from management' Charlotte tenant files lawsuit against luxury apartment for poor maintenance . 23 April 2024 . wcnc.com . 16 November 2022.
  37. News: Vogell . Heather . Company That Makes Rent-Setting Software for Apartments Accused of Collusion, Lawsuit Says . 23 April 2024 . ProPublica . 21 October 2022 . en.
  38. News: Boyanton . Megan Ulu-Lani . Colorado woman sues real estate giant Greystar over apartment “junk fees” charged by landlord . 23 April 2024 . The Denver Post . 16 January 2024.
  39. News: Weis . Kati . Colorado family charged $4,000 in fees after loved one dies unexpectedly, landlord says death meant she broke her lease - CBS Colorado . 23 April 2024 . www.cbsnews.com . 29 January 2024.

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