A massive real estate deal was announced Tuesday as Greystar Real Estate Partners announced the sale of a 32-property, 10,399-unit apartment portfolio to Blackstone Group for $2 billion. Multifamily Executive spoke with Greystar CEO Bob Faith exclusively prior to the deal being announced.
The portfolio consists of a mix of mid-rise, high-rise, and garden-style apartment buildings, with properties located across the country, including the Seattle, San Francisco, Los Angeles, South Florida, New York, and Boston metros.
“We acquired the assets,” Faith says, “we rejiggered the operations to run them better; we invested the capital to upgrade them; so we felt like we have done the heavy lifting of our value-creation process. So this was a great opportunity to achieve our return targets for our investors. Investors love it when you send them money back.”