PHOENIX--(BUSINESS WIRE)--Greystar Real Estate Partners, LLC (“Greystar”), a global leader in the

investment, development, and management of high-quality rental housing

properties, today announced the acquisition of the three-property,

845-unit Acacia portfolio on behalf of its real estate funds. The

portfolio – which is concentrated in Phoenix’s affluent East Valley and

comprises Chandler Court and River Ranch in Chandler, Arizona, and Vista

Montana in Gilbert, Arizona – represents an opportunity for Greystar to

acquire high-quality assets in rapidly growing, low-supply submarkets.

The Phoenix metropolitan area is experiencing explosive growth, expected

to lead the nation in employment by adding over 60,000 new jobs this

year. The market benefits from a diversified employment base, having

added roughly 150,000 jobs in finance, technology and health care since

the previous cycle’s peak. A vast majority of these jobs are being added

directly in the Chandler and Gilbert submarkets. Continued population

growth resulting from the area’s booming economy and job market is

expected to continue to drive demand for housing and increasing rents.

“Phoenix continues to screen as a top performing market across the

country in terms of fundamentals, and rising construction costs have made

it difficult to add new supply in these highly desirable Chandler and

Gilbert submarkets,” said Kevin Kaberna, Executive Director and leader

of Greystar’s U.S. Investment platform. “We expect that our proven

value-add strategy combined with robust job growth and limited supply

will drive tremendous value.”

Originally built in the late 1980s, the Acacia portfolio largely

features original interiors. Greystar’s value-add strategy will focus on

extensive renovations to units, including hard-surface countertops,

stainless steel appliances, new cabinet doors, and upgraded lighting,

plumbing and hardware packages. The company also plans to upgrade the

portfolio’s common areas and amenities, which include fitness centers,

clubhouses, business centers, community gardens, and pools and spa areas.

As the nation’s largest apartment operator with 490,000 units under

management, Greystar currently owns approximately 970 units in the

Phoenix area and manages 24,560 more. Greystar will continue to leverage

its local market expertise and deep industry relationships to identify

attractive investments and management opportunities throughout the

Phoenix area.

About Greystar

Greystar is a leading, fully integrated multifamily real estate company

offering expertise in investment management, development, and property

management of rental housing properties globally. Headquartered in

Charleston, South Carolina, with offices throughout the United States,

UK and Continental Europe, Latin America, and Asia-Pacific, Greystar

operates in over 180 markets globally and is the largest operator of

apartments in the United States, managing over 491,000 conventional

units/beds. 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 $31.8 billion in

gross assets under management including $11.9 billion of developments

underway — $9.3 billion in the US and $2.5 billion internationally.

Greystar was founded by Bob Faith in 1993 with the intent to become a

provider of world-class service in the rental housing real estate

business. To learn more, visit www.greystar.com.

Contacts

Media:

Liza Kunkel

Greystar Public Affairs