Greystar

Last updated

Greystar Real Estate Partners
Company type Private company
Industry Real estate
Founded1993;31 years ago (1993)
Founder Bob Faith
Headquarters Charleston, South Carolina, US
Key people
Bob Faith, CEO and Chairman
Services Property development, Investment management, Property management
AUM US$76 billion (2023) [1]
Number of employees
23,000 [2]
Website greystar.com
Roosevelt Point Apartments in Phoenix, Arizona, are operated by Greystar Roosevelt Point Apartments, Phoenix, Arizona.jpg
Roosevelt Point Apartments in Phoenix, Arizona, are operated by Greystar

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]

Contents

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 has been a defendant 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 June 2019, a crane collapsed on apartments owned by Greystar in Old East Dallas, causing serious injury to numerous tenants and the death of one woman. Greystar were subsequently found to have been negligent and were required to pay $860m damages to the 17 plaintiffs, including the parents of the deceased. The court in Dallas found that Greystar had violated safety regulations in several ways, including the presence of a Greystar sign on top of the crane which was a contributing factor to its collapse. [36]

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. [37] 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. [38]

In January 2024, a tenant at a Greystar property in Lakewood, Colorado sued Greystar over alleged junk fees the company added to her monthly rent. [39] 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. [40]

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References

  1. 1 2 3 "Investment Management - Quarterly Metrics Graphic". Greystar. Archived from the original on December 9, 2023. Retrieved March 14, 2024. $76+ billion AUM across multiple strategies and geographies
  2. 1 2 Wilcox, Don. "Minto, Greystar JV acquires B.C. mall for major redev". Real Estate News EXchange.
  3. ↑ Salmonsen, Mary. "Greystar reshapes design strategy around remote work boom". Multifamily Dive. Retrieved August 12, 2023.
  4. ↑ "NMHC 50 Largest Apartment Managers" . Retrieved August 18, 2023.
  5. ↑ Segall, Eli (November 15, 2022). "Real estate giant building 2 apartment projects in Las Vegas area". Las Vegas Review-Journal. Retrieved August 18, 2023.
  6. ↑ Mosher, Diana. "Behind Greystar's Global Expansion". Multi-Housing News.
  7. ↑ Aygoren, Sule (November 6, 2018). "Multifamily Influencer: Greystar Real Estate Partners". GlobeSt. Retrieved September 26, 2019.
  8. ↑ Mattioli, Dana (July 4, 2017). "Monogram Residential to Be Acquired by Greystar-Led Group". Wall Street Journal. ISSN   0099-9660 . Retrieved October 21, 2018.
  9. ↑ "Greystar to buy Education Realty in $4.6 billion deal". U.K. June 25, 2018. Archived from the original on October 19, 2018. Retrieved October 21, 2018.
  10. ↑ Isaacson, Greg (June 3, 2020). "Greystar Acquires Alliance's Property Management Arm". Multifamily Real Estate News. Retrieved October 11, 2022.
  11. ↑ "Greystar Buys Stake in Thackeray Partners". Multifamily Real Estate News. September 17, 2020. Retrieved June 14, 2022.
  12. ↑ Asbury, Kyla (December 28, 2020). "Partnership leads to internship program for students". Palmetto Business Daily. Retrieved October 12, 2022.
  13. ↑ "SCSU partners with Greystar for virtual internship program". The Times and Democrat. May 7, 2022. Retrieved October 27, 2022.
  14. ↑ Kalinoski, Gail (June 23, 2020). "Ivanhoé, Greystar, Bouwinvest Form $1.1B Venture". Multifamily Real Estate News. Retrieved June 14, 2022.
  15. ↑ "Greystar and Ivanhoé Cambridge form multifamily JV in Chile". Real Assets. Retrieved June 14, 2022.
  16. ↑ "Greystar closes on remaining 55% interest in Thackeray Partners". Institutional Real Estate, Inc. May 18, 2021. Retrieved October 11, 2022.
  17. 1 2 Ou, Christie (December 1, 2021). "Greystar makes industrial push into new region". PERE. Retrieved October 11, 2022.
  18. ↑ Holdman, Jessica. "USC breaks ground on $210M student housing project — largest in school's history". Post and Courier. Retrieved June 14, 2022.
  19. ↑ Shaver, Les (July 9, 2021). "CPP Investments and Greystar Form Life Sciences Development JV". GlobeSt. Retrieved October 12, 2022.
  20. ↑ Bergeron, Paul (December 10, 2021). "Greystar, CPP Investments Partner on SFR Market". GlobeSt. Retrieved June 14, 2022.
  21. ↑ "CPP Investments and Greystar to invest $389m in U.S. multifamily developments". Institutional Real Estate, Inc. January 7, 2021. Retrieved June 14, 2022.
  22. ↑ McDermott, John (November 3, 2021). "Charleston's Greystar to invest $600M in student housing projects". Post and Courier. Retrieved June 14, 2022.
  23. ↑ Lowe, Richard (December 16, 2021). "ADIA and Greystar to invest £2.2bn in London housing". IPE Real Assets. Retrieved October 11, 2022.
  24. ↑ McDermott, John. "SC real estate giant Greystar doubles down on the Continent". Post and Courier. Retrieved June 14, 2022.
  25. ↑ Crawford, Jack. "One Six Six Completes Construction In Fulton Market". Chicago YIMBY.
  26. ↑ Rambin, James. "Gosh, That Building Sure is Blue". Austin Towers. Retrieved August 12, 2023.
  27. ↑ Kalyanaraman, Srividya. "Greystar Buys London Olympic Site for Rental Housing Project". Skift.
  28. ↑ Serlin, Christine (May 23, 2023). "Greystar Tackles Nation's Attainable Housing Need". MultiFamily Executive. Retrieved August 18, 2023.
  29. ↑ Schooley, Tim (August 14, 2023). "Greystar's Modern Living Solutions modular apartment venture starts first project in Coraopolis". Pittsburgh Business Times. Retrieved December 18, 2023.
  30. ↑ Salmonsen, Mary (September 8, 2023). "Greystar ramps up modular housing production". Multifamily Dive. Retrieved December 18, 2023.
  31. ↑ Martin, Florian (September 27, 2023). "Greystar starts first Houston-area build-to-rent community in Katy". Houston Business Journal. Retrieved December 18, 2023.
  32. ↑ Serlin, Christine (September 22, 2023). "Greystar Expands Its Single-Family Build-to-Rent Portfolio". Multifamily Executive. Retrieved December 18, 2023.
  33. ↑ Leckie, John (April 3, 2024). "Greystar Takes Over Top Spot From MAA as Nation's Largest Apartment Owner". CoStar News. Retrieved April 23, 2024.
  34. ↑ Blake, Matthew (May 26, 2020). "Greystar probed tenants' "character," "reputation," "rental history," lawsuit claims". TRD. Los Angeles. Retrieved May 26, 2020.
  35. ↑ McGee, Harry. "Investment funds are becoming bigger property players in Dublin suburbs". The Irish Times. Retrieved August 22, 2021.
  36. ↑ Nicole Lopez (April 26, 2023). "Jury awards $860M in damages against Greystar to victims in deadly Dallas crane collapse". Fort Worth Star-Telegram. Retrieved November 24, 2024.
  37. ↑ Monreal, Jane (November 16, 2022). "'A lackadaisical approach from management' | Charlotte tenant files lawsuit against luxury apartment for poor maintenance". wcnc.com. Retrieved April 23, 2024.
  38. ↑ Vogell, Heather (October 21, 2022). "Company That Makes Rent-Setting Software for Apartments Accused of Collusion, Lawsuit Says". ProPublica. Retrieved April 23, 2024.
  39. ↑ Boyanton, Megan Ulu-Lani (January 16, 2024). "Colorado woman sues real estate giant Greystar over apartment "junk fees" charged by landlord". The Denver Post. Retrieved April 23, 2024.
  40. ↑ Weis, Kati (January 29, 2024). "Colorado family charged $4,000 in fees after loved one dies unexpectedly, landlord says death meant she broke her lease - CBS Colorado". www.cbsnews.com. Retrieved April 23, 2024.
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