GE Commercial Finance Real Estate and Greystar Real Estate Partners have formed a $500 million joint venture aimed at buying and developing apartment properties. The strategic joint venture fund is designed to target value-add properties in markets as far-ranging as Las Vegas, Southern, Denver, Phoenix, Austin, Charlotte, Washington, D.C., Atlanta and southern Florida.
Greystar Real Estate Partners, a Charleston, S.C.-based real estatefirm, is one of the largest third-party apartment property managers in the nation.
The partnership recently closed its first, which was a $20 million apartment acquisition/redevelopment in Las Vegas. The 409-unit, Class B apartment building will receive a $1.8 million renovation along with a new fitness center, according to GE Commercial Finance Real Estate.
“Greystar’s local market knowledge and proven ability to create value through its management, leasing andexpertise will help us build a diversified multifamily portfolio,’ says Greg bates, managing director at GE Commercial Finance Real Estate.