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Greystar Launches $1B Multifamily Fund

Charleston-based Greystar Real Estate Partners, the largest operator of apartment buildings in the nation, is looking to raise $1B for its next value-add multifamily fund.

The discretionary fund Greystar Equity Partners IX was supposedly launched last month, with the first close expected by year's end. The $1B target is the firm's most ambitious capital-raising goal ever, PERE News reports.

Greystar remains tight-lipped about the fundraising effort for IX. However the strategy for its predecessor, Greystar Equity Partners VIII, was to collect diverse properties in target markets throughout the US. GEP VIII hit its $800M target in June 2014. (Pictured: Greystar's Avana Alexandria complex)

The firm is also expanding to areas like Mexico and the UK. As of now, Greystar has more than 400,000 units in over 140 submarkets. [PERE]