Greystar has over a dozen multifamily projects planned or under construction in Texas. Though the company works in a threefold manner — acquiring, developing and managing projects worldwide — Greystar Executive Director Stacy Hunt said the company is only doing two of its three functions in Texas. 

“We haven’t purchased anything in Texas this year and we probably won’t,” he said. 

Greystar is seeing better returns off development deals, which is likely why it has five projects planned or under construction in DFW, two in San Antonio, two in Houston and four in Austin. 

Particularly in Austin and DFW, acquisition prices have been higher. “There’s still value-add opportunities out there, but it’s hard to get those deals done,” Hunt said. 

Though Greystar will likely not acquire in Texas in 2017, Hunt does not expect that to be its long-term strategy. 

“We’ve been busy in all three aspects (acquiring, managing, developing) over the last few years, but we’re starting to slow down with investment. We’re not sure the returns are there.”

When the timing is right, Hunt said Greystar will revisit acquisition opportunities. 

Hear more on Greystar’s strategy at Bisnow’s Big South Multifamily Event on June 28 in Dallas. Get tickets here.