Greystar Real Estate Partners, a global firm that invests, develops and manages high-quality purpose-built rental housing properties, has launched and closed its first Credit Partners fund, Greystar Credit Partners I. The $500 million commercial real estate debt fund will focus on acquiring subordinated and securitized debt issued by U.S. government-sponsored entities (GSEs).
“The formation of Greystar Credit Partners is a logical progression for us. Our principal business is utilizing our global rental housing platform to provide services and invest alongside our partners and clients,” said Bob Faith, founder and CEO of Greystar.
Brett Lashley, managing director at Greystar, will oversee Greystar Credit Partners’ investment activities.
“Our vertically-integrated rental housing platform, together with our intimate knowledge of the origination and underwriting guidelines utilized by the GSEs, positions us well to invest in the most subordinate part of the capital structure,” said Lashley. “We’ve been diligent about building a platform that allows us to quickly distill actionable data from very local markets around the country. And we like the risk/return metrics these instruments make available, particularly when our internal data provides the appropriate guidance. We’ll be patient stewards of this capital and look forward to successfully advancing our investment strategy when the right opportunities present themselves.”
Greystar is the largest operator of apartments in the United States, managing more than 415,000 units, with an aggregate estimated value of approximately $80 billion. Greystar also has a robust institutional investment management platform dedicated to managing capital on behalf of a global network of institutional investors with more than $25 billion in gross assets under management including more than $12 billion of developments that have been completed or are underway, including $9.9 billion of developments in the United States and $2 billion internationally.