{{Short description|Real estate investment firm}} {{Use mdy dates|date=August 2023}} {{Infobox company | name = Greystar Real Estate Partners | logo = Greystar Real Estate Partners logo.png | type = Private | traded_as = | founded = {{Start date and age|1993}} | founder = Bob Faith | hq_location = Charleston, South Carolina, US | key_people = Bob Faith (CEO and chairman) | industry = Real estate | services = Property development, Investment management, Property management | revenue = | net_income = | aum = {{USD|76|link=yes}} billion (2023) <ref name=stats_2023>{{cite web |url=https://www.greystar.com/business-services/investment-management/text-version-quarterly-metrics-graphic |title=Investment Management - Quarterly Metrics Graphic |website=Greystar |archive-url=https://web.archive.org/web/20231209140828/https://www.greystar.com/business-services/investment-management/text-version-quarterly-metrics-graphic |archive-date=2023-12-09 |access-date=2024-03-14 |quote=$76+ billion AUM across multiple strategies and geographies}}</ref> | equity = | num_employees = 23,000<ref name="Wilcox">{{cite web |last1=Wilcox |first1=Don |title=Minto, Greystar JV acquires B.C. mall for major redev. |url=https://renx.ca/minto-greystar-jv-acquires-b-c-mall-for-major-redev |website=Real Estate News EXchange}}</ref> | website = {{URL|greystar.com}} | footnotes = }} [[File:Roosevelt Point Apartments, Phoenix, Arizona.jpg|thumb|Roosevelt Point Apartments in Phoenix, Arizona, are operated by Greystar]]
'''Greystar Real Estate Partners''' is an international real estate developer and manager based in the United States. As of 2023, Greystar had over $76 billion in gross assets under management,<ref name="stats_2023"/> and operated in 17 countries.<ref>{{cite web |last1=Salmonsen |first1=Mary |title=Greystar reshapes design strategy around remote work boom |url=https://www.multifamilydive.com/news/greystar-reshapes-design-strategy-around-remote-work-boom/633109/ |website=Multifamily Dive |access-date=12 August 2023}}</ref>
Per NMHC report, Greystar was the largest apartment manager in the United States, with over 798,272 units as of 2024.<ref>{{Cite web|title=NMHC 50 Largest Apartment Managers|url=https://www.nmhc.org/research-insight/the-nmhc-50/top-50-lists/2024-top-managers-list/|accessdate=1 January 2025}}</ref><ref name="stats_2023"/> It is also the country's largest apartment owner, with 108,566 units.<ref>{{Cite web|title=NMHC 50 Largest Apartment Owners|url=https://www.nmhc.org/research-insight/the-nmhc-50/top-50-lists/2024-top-owners-list/|accessdate=23 October 2024}}</ref>
Greystar has been sued several times by its tenants.<ref name=":0" /><ref name=":1" />
==History== Founded in 1993 by chairman and CEO Bob Faith, and headquartered in Charleston, South Carolina, Greystar has over 22,000 employees<ref name="Wilcox"/> and 66 offices<ref>{{cite news |last1=Segall |first1=Eli |title=Real estate giant building 2 apartment projects in Las Vegas area |url=https://www.reviewjournal.com/business/housing/real-estate-giant-building-2-apartment-projects-in-las-vegas-area-2676592/ |access-date=18 August 2023 |work=Las Vegas Review-Journal |date=15 November 2022}}</ref> representing 224 markets in the North America, South America, Europe, and the Asia-Pacific region.<ref name="DMref">{{cite web |last1=Mosher |first1=Diana |title=Behind Greystar's Global Expansion |url=https://www.multihousingnews.com/behind-greystars-global-expansion/ |website=Multi-Housing News}}</ref>
The company began operating in the UK in 2013.<ref>{{cite news |last1=Aygoren |first1=Sule |title=Multifamily Influencer: Greystar Real Estate Partners |url=https://www.globest.com/2018/11/06/multifamily-influencer-greystar-real-estate-partners/?slreturn=20190825232636 |accessdate=September 26, 2019 |work=GlobeSt |date=November 6, 2018}}</ref> In July 2017, Greystar announced it would acquire Monogram Residential Trust's 14,000-unit portfolio of 49 rental communities in ten states, for $3 billion.<ref name="Mattioli">{{Cite news|url=https://www.wsj.com/articles/monogram-residential-to-be-acquired-by-greystar-star-led-group-1499195323|title=Monogram Residential to Be Acquired by Greystar-Led Group|last=Mattioli|first=Dana|date=July 4, 2017|work=Wall Street Journal|access-date=October 21, 2018|language=en-US|issn=0099-9660}}</ref>
In June 2018, Greystar announced that it would acquire EdR, a manager of college housing communities in the US, for $4.6 billion.<ref>{{Cite news |author= |date=June 25, 2018 |title=Greystar to buy Education Realty in $4.6 billion deal |url=https://uk.reuters.com/article/uk-edr-m-a-greystar/greystar-to-buy-education-realty-in-46-billion-deal-idUKKBN1JL0PS |archive-url=https://web.archive.org/web/20181019205638/https://uk.reuters.com/article/uk-edr-m-a-greystar/greystar-to-buy-education-realty-in-46-billion-deal-idUKKBN1JL0PS |archive-date=2018-10-19 |access-date=October 21, 2018 |work=U.K. |language=en-GB}}</ref>
Greystar acquired the property management arm of Alliance Residential Co. in June 2020,<ref>{{cite news |last1=Isaacson |first1=Greg |title=Greystar Acquires Alliance's Property Management Arm |url=https://www.multihousingnews.com/greystar-acquires-alliances-property-management-arm/ |access-date=October 11, 2022 |work=Multifamily Real Estate News |date=June 3, 2020}}</ref> and in October 2020, Greystar acquired 45% of Thackeray Partners.<ref>{{Cite web |date=September 17, 2020 |title=Greystar Buys Stake in Thackeray Partners |url=https://www.multihousingnews.com/greystar-acquires-stake-in-thackeray-partners/ |access-date=June 14, 2022 |website=Multifamily Real Estate News |language=en-US}}</ref> That December, Greystar partnered with Walker & Dunlop and Project Destined to create a paid internship program for students from diverse backgrounds in Durham, North Carolina.<ref>{{cite news |last1=Asbury |first1=Kyla |title=Partnership leads to internship program for students |url=https://palmettobusinessdaily.com/stories/567374071-partnership-leads-to-internship-program-for-students |access-date=October 12, 2022 |work=Palmetto Business Daily |date=December 28, 2020 |language=en}}</ref> Greystar and Project Destined expanded their partnership to students at South Carolina State University in 2022.<ref>{{cite news |title=SCSU partners with Greystar for virtual internship program |url=https://thetandd.com/news/local/education/scsu-partners-with-greystar-for-virtual-internship-program/article_f6095083-104b-57cc-bc54-66bb377c9397.html |access-date=October 27, 2022 |work=The Times and Democrat |date=May 7, 2022 |language=en}}</ref>
In March 2021, Greystar, along with partners Ivanhoé Cambridge and Bouwinvest, announced a $1.1 billion joint venture to develop and acquire housing for students and young professionals in the greater Paris area<ref>{{Cite web |date=June 23, 2020 |last=Kalinoski|first=Gail|title=Ivanhoé, Greystar, Bouwinvest Form $1.1B Venture |url=https://www.multihousingnews.com/ivanhoe-greystar-bouwinvest-form-1-1b-venture/ |access-date=June 14, 2022 |website=Multifamily Real Estate News |language=en-US}}</ref> and a joint venture in multifamily housing in Chile.<ref>{{Cite web |title=Greystar and Ivanhoé Cambridge form multifamily JV in Chile |url=https://realassets.ipe.com/news/greystar-and-ivanhoe-cambridge-form-multifamily-jv-in-chile/10057509.article |access-date=June 14, 2022 |website=Real Assets |language=en}}</ref> Greystar acquired the rest of Thackeray Partners in May 2021<ref>{{cite news |title=Greystar closes on remaining 55% interest in Thackeray Partners |url=https://irei.com/news/greystar-closes-remaining-55-interest-thackeray-partners/ |access-date=October 11, 2022 |work=Institutional Real Estate, Inc. |date=May 18, 2021}}</ref><ref name="Ou">{{cite news |last1=Ou |first1=Christie |title=Greystar makes industrial push into new region |url=https://www.perenews.com/greystar-makes-industrial-push-into-new-region/ |access-date=October 11, 2022 |work=PERE |date=December 1, 2021}}</ref> and partnered with the University of South Carolina to create a $210 million campus village.<ref>{{Cite web |last=Holdman |first=Jessica |title=USC breaks ground on $210M student housing project — largest in school's history |url=https://www.postandcourier.com/columbia/news/usc-breaks-ground-on-210m-student-housing-project-largest-in-schools-history/article_c3198bd0-be3e-11eb-bc71-bf03f5b1d472.html |access-date=June 14, 2022 |website=Post and Courier |language=en}}</ref> Greystar also announced a partnership with CPP Investment Board to pursue life sciences development with a $74 million office and lab in Somerville, Massachusetts,<ref>{{cite news |last1=Shaver |first1=Les |title=CPP Investments and Greystar Form Life Sciences Development JV |url=https://www.globest.com/2021/07/09/cpp-investments-and-greystar-form-life-sciences-development-jv/ |access-date=October 12, 2022 |work=GlobeSt |date=July 9, 2021 |language=en}}</ref> as well as a joint venture to develop and acquire single-family and multifamily rental communities.<ref>{{Cite web |last=Bergeron |first=Paul |title=Greystar, CPP Investments Partner on SFR Market |url=https://www.globest.com/2021/12/10/greystar-cpp-investments-partner-on-sfr-market/ |access-date=June 14, 2022 |website=GlobeSt |language=en |date=December 10, 2021}}</ref><ref>{{Cite web |date=January 7, 2021 |title=CPP Investments and Greystar to invest $389m in U.S. multifamily developments |url=https://irei.com/news/cpp-investments-greystar-invest-389m-u-s-multifamily-developments/ |access-date=June 14, 2022 |website=Institutional Real Estate, Inc.}}</ref> In November, the company announced an additional $600 million investment in more student housing development, with partnerships with the University of Maryland, College Park and the University of Texas at Austin.<ref>{{Cite web |last=McDermott |first=John |title=Charleston's Greystar to invest $600M in student housing projects |url=https://www.postandcourier.com/business/charlestons-greystar-to-invest-600m-in-student-housing-projects/article_a3a3fb32-3cb5-11ec-8b6e-371f099d1a2d.html |access-date=June 14, 2022 |website=Post and Courier |language=en |date=November 3, 2021}}</ref> In December 2021, Greystar acquired Fizzy Living<ref>{{cite news |last1=Lowe |first1=Richard |title=ADIA and Greystar to invest £2.2bn in London housing |url=https://realassets.ipe.com/news/adia-and-greystar-to-invest-22bn-in-london-housing/10056968.article |access-date=October 11, 2022 |work=IPE Real Assets |date=December 16, 2021 |language=en}}</ref> and began expanding its presence in the industrial sector.<ref name="Ou"/>
Greystar secured roughly $883 million of investments in June 2021 to expand in cities across Europe.<ref>{{Cite web |last=McDermott |first=John |title=SC real estate giant Greystar doubles down on the Continent |url=https://www.postandcourier.com/business/sc-real-estate-giant-greystar-doubles-down-on-the-continent/article_b1a4cfb2-ca15-11eb-8b83-ef5dfd0515f6.html |access-date=June 14, 2022 |website=Post and Courier |language=en}}</ref> In 2023, Greystar's new buildings included a 21-story building in Chicago<ref>{{cite web |last1=Crawford |first1=Jack |title=One Six Six Completes Construction In Fulton Market |url=https://chicagoyimby.com/2023/06/one-six-six-completes-construction-in-fulton-market.html |website=Chicago YIMBY}}</ref> and a mixed-use complex in downtown Austin;<ref>{{cite web |last1=Rambin |first1=James |title=Gosh, That Building Sure is Blue |url=https://austin.towers.net/gosh-that-building-sure-is-blue/ |website=Austin Towers |access-date=12 August 2023}}</ref> it also acquired the London site of the 2012 Summer Olympics for conversion to rental units.<ref>{{cite web |last1=Kalyanaraman |first1=Srividya |title=Greystar Buys London Olympic Site for Rental Housing Project |url=https://skift.com/blog/greystar-buys-london-olympic-site-for-rental-housing-project/ |website=Skift}}</ref> Greystar also opened a modular construction factory in Knox, Pennsylvania.<ref>{{cite news |last1=Serlin |first1=Christine |title=Greystar Tackles Nation's Attainable Housing Need |url=https://www.multifamilyexecutive.com/design-development/greystar-tackles-nations-attainable-housing-need_o |access-date=18 August 2023 |work=MultiFamily Executive |date=23 May 2023}}</ref> Greystar's modular apartment venture, Modern Living Solutions,<ref>{{cite news |last1=Schooley |first1=Tim |title=Greystar's Modern Living Solutions modular apartment venture starts first project in Coraopolis |url=https://www.bizjournals.com/pittsburgh/news/2023/08/14/modular-apartments-greystar-modern-living-solution.html |access-date=18 December 2023 |work=Pittsburgh Business Times |date=14 August 2023}}</ref> broke ground on its first multifamily project, in Coraopolis, Pennsylvania, in August 2023.<ref>{{cite news |last1=Salmonsen |first1=Mary |title=Greystar ramps up modular housing production |url=https://www.multifamilydive.com/news/greystar-ramps-up-modular-housing-production/693176/ |access-date=18 December 2023 |work=Multifamily Dive |date=8 September 2023}}</ref> The company broke ground on Summerwell Sunterra, a build-to-rent community in the Houston area, in June 2023.<ref>{{cite news |last1=Martin |first1=Florian |title=Greystar starts first Houston-area build-to-rent community in Katy |url=https://www.bizjournals.com/houston/news/2023/09/27/greystar-build-to-rent-summerwell-sunterra-katy.html |access-date=18 December 2023 |work=Houston Business Journal |date=27 September 2023}}</ref> As of September 2023, Greystar has acquired or developed 12 communities under its Summerwell brand focused on single-family rentals.<ref>{{cite news |last1=Serlin |first1=Christine |title=Greystar Expands Its Single-Family Build-to-Rent Portfolio |url=https://www.multifamilyexecutive.com/design-development/greystar-expands-its-single-family-build-to-rent-portfolio_o |access-date=18 December 2023 |work=Multifamily Executive |date=22 September 2023}}</ref>
In February 2024, Greystar acquired the property management arm of Wood Partners, a national multifamily apartment developer, which added 38,000 units to Greystar's management portfolio.<ref>{{cite news |last1=Frank |first1=Gabriel |title=Greystar Takes Over Wood Partners' Property Management Arm |url=https://www.multihousingnews.com/greystar-takes-over-wood-partners-property-management-arm/ |access-date=24 October 2024 |work=Multi-Housing News |date=2 February 2024}}</ref><ref>{{cite news |last1=Rogers |first1=Jack |title=Greystar Takes Crown as Top US Apartment Owner |url=https://www.globest.com/2024/04/08/greystar-takes-crown-as-top-us-apartment-owner/?slreturn=20241024-31722 |access-date=24 October 2024 |work=GlobeSt |date=8 April 2024 |language=en}}</ref> In April 2024, the National Multifamily Housing Council, an industry trade group, announced that Greystar was the United States' largest apartment owner after adding over 10,000 units to its portfolio in 2023.<ref>{{cite news |last1=Leckie |first1=John |title=Greystar Takes Over Top Spot From MAA as Nation's Largest Apartment Owner |url=https://www.costar.com/article/329788865/greystar-takes-over-top-spot-from-maa-as-nations-largest-apartment-owner |access-date=23 April 2024 |work=CoStar News |date=3 April 2024}}</ref>
Greystar partners with Airbnb to allows its residents to host their homes as short-term rentals.<ref>{{cite news |last1=Tobin |first1=Michael |title=Airbnb Taps Big Landlords to List Rentals in Bid to Find Hosts |url=https://www.bloomberg.com/news/articles/2022-11-30/airbnb-enlists-greystar-in-push-to-list-rentals-on-its-platform |access-date=24 October 2024 |work=Bloomberg |date=30 November 2022 |language=en}}</ref>
In August 2024, the company announced plans to expand into infrastructure development.<ref>{{cite news |last1=Phillips |first1=Mike |title=From Homes To Hydrogen Power: Inside Greystar's Move Into Infrastructure Investing |url=https://www.bisnow.com/london/news/multifamily/from-homes-to-hydrogen-power-inside-greystars-move-into-infrastructure-investing-125947 |access-date=24 October 2024 |work=Bisnow |date=18 September 2024 |language=en}}</ref>
==Lawsuits== In 2019, the company was sued for violating consumer protection laws. In a Los Angeles County Superior Court filing, Greystar was charged with gathering extensive personal identifying information about its tenants without their knowledge or consent. At five Greystar-owned apartment buildings, the company collected information about its tenants' "character" and "general reputation."<ref name=trd>{{cite news |last=Blake |first=Matthew |date=May 26, 2020 |title= Greystar probed tenants' "character," "reputation," "rental history," lawsuit claims |url= https://therealdeal.com/la/2020/05/26/greystar-probed-tenants-character-reputation-rental-history-lawsuit-claims/|work=TRD |location= Los Angeles|access-date=May 26, 2020 }}</ref> In 2021, the firm's business model was alleged to be adding to Ireland's housing crisis.<ref>{{Cite web |last=McGee |first=Harry |title=Investment funds are becoming bigger property players in Dublin suburbs |url=https://www.irishtimes.com/news/social-affairs/investment-funds-are-becoming-bigger-property-players-in-dublin-suburbs-1.4558775 |access-date=August 22, 2021 |website=The Irish Times |language=en}}</ref>
In June 2019, a crane collapsed on apartments owned by Greystar in Old East Dallas, causing serious injury to numerous tenants and the death of one woman. Greystar were subsequently found to have been negligent and were required to pay $860 million in damages to the 17 plaintiffs, including the parents of the deceased. The court in Dallas found that Greystar had violated safety regulations in several ways, including the presence of a Greystar sign on top of the crane which was a contributing factor to its collapse.<ref>{{Cite web|author=Nicole Lopez |date=April 26, 2023 |title=Jury awards $860M in damages against Greystar to victims in deadly Dallas crane collapse |url=https://www.star-telegram.com/news/local/dallas/article274759076.html |publisher=Fort Worth Star-Telegram |access-date=November 24, 2024}}</ref>
In 2022, a tenant at a Greystar property in Charlotte, North Carolina filed a lawsuit against the company, alleging that Greystar failed to perform necessary building maintenance.<ref name=":0">{{cite news |last1=Monreal |first1=Jane |title='A lackadaisical approach from management' {{!}} Charlotte tenant files lawsuit against luxury apartment for poor maintenance |url=https://www.wcnc.com/article/money/charlotte-tenant-lawsuit-luxury-apartment-poor-maintenance-management/275-1a058707-8fc7-4919-a63b-b0941266b033 |access-date=23 April 2024 |work=wcnc.com |date=16 November 2022}}</ref> In October 2022, Greystar was a co-defendant in a lawsuit filed against the property management software company RealPage. The suit alleged that RealPage colluded with Greystar, among other property management companies, to fix rent prices at those companies' properties.<ref>{{cite news |last1=Vogell |first1=Heather |title=Company That Makes Rent-Setting Software for Apartments Accused of Collusion, Lawsuit Says |url=https://www.propublica.org/article/realpage-accused-of-collusion-in-new-lawsuit |access-date=23 April 2024 |work=ProPublica |date=21 October 2022 |language=en}}</ref>
In January 2024, a tenant at a Greystar property in Lakewood, Colorado sued Greystar over alleged junk fees the company added to her monthly rent.<ref name=":1">{{cite news |last1=Boyanton |first1=Megan Ulu-Lani |title=Colorado woman sues real estate giant Greystar over apartment “junk fees” charged by landlord |url=https://www.denverpost.com/2024/01/16/tenant-lawsuit-greystar-apartment-lease-fees-trash/ |access-date=23 April 2024 |work=The Denver Post |date=16 January 2024}}</ref> That same month, Greystar charged a Loveland, Colorado family $4,140 in lease-breaking penalty fees following the death of the lease's primary signer.<ref>{{cite news |last1=Weis |first1=Kati |title=Colorado family charged $4,000 in fees after loved one dies unexpectedly, landlord says death meant she broke her lease - CBS Colorado |url=https://www.cbsnews.com/colorado/news/colorado-family-charged-fees-after-loved-one-dies-unexpectedly-landlord-death-meant-broke-lease/ |access-date=23 April 2024 |work=www.cbsnews.com |date=29 January 2024}}</ref>
In January 2025, the US Department of Justice (DOJ) and the Attorneys General of 10 US states amended an antitrust lawsuit against RealPage, which had been initiated in August 2024,<ref>{{Cite web |date=2024-08-23 |title=Justice Department Sues RealPage for Algorithmic Pricing Scheme that Harms Millions of American Renters |url=https://www.justice.gov/archives/opa/pr/justice-department-sues-realpage-algorithmic-pricing-scheme-harms-millions-american-renters |url-status=live |archive-url=https://web.archive.org/web/20250913222128/https://www.justice.gov/archives/opa/pr/justice-department-sues-realpage-algorithmic-pricing-scheme-harms-millions-american-renters |archive-date=2025-09-13 |access-date=2025-09-17 |website=United States Department of Justice |language=en}}</ref> to add Greystar and five other major US landlords as defendants, alleging that the landlords had engaged in price fixing and illegally colluded to share competitively sensitive information using RealPage's property management software.<ref>{{Cite news |last=Bedayn |first=Jesse |date=2025-01-08 |title=US Justice Department accuses six major landlords of scheming to keep rents high |url=https://thehill.com/homenews/ap/ap-business/ap-us-justice-department-accuses-six-major-landlords-of-scheming-to-keep-rents-high-2/ |url-status=live |archive-url=https://web.archive.org/web/20250822170721/https://thehill.com/homenews/ap/ap-business/ap-us-justice-department-accuses-six-major-landlords-of-scheming-to-keep-rents-high-2/ |archive-date=2025-08-22 |access-date=2025-09-17 |work=The Hill |language=en-US}}</ref>
In April 2025, the Federal Trade Commission and Colorado Attorney General Phil Weiser filed a lawsuit against Greystar, alleging that the company advertised deceptively low lease rates and only revealed mandatory hidden fees after prospective tenants had paid nonrefundable application fees.<ref>{{Cite web |last=Hughes |first=Trevor |date=2025-04-15 |title=Feds suing nation's largest private apartment manager over 'deceptive' lease advertising |url=https://www.usatoday.com/story/news/nation/2025/04/15/ftc-sue-greystar-apartment-fees-lawsuit-renters/83084327007/ |url-status=live |archive-url=https://web.archive.org/web/20250423234013/https://www.usatoday.com/story/news/nation/2025/04/15/ftc-sue-greystar-apartment-fees-lawsuit-renters/83084327007/ |archive-date=2025-04-23 |access-date=2025-09-17 |website=USA Today |language=en-US}}</ref>
In August 2025, Greystar reached a settlement with the DOJ in which it agreed to help the government in its case against RealPage but admitted no wrongdoing, as well as reaching a settlement at the same time with private plaintiffs who had brought a similar class action suit as renters.<ref>{{Cite web |last=Hughes |first=Trevor |date=2025-08-11 |title=Nation's largest landlord, Greystar, settles price-fixing suit with feds |url=https://www.usatoday.com/story/news/nation/2025/08/11/greystar-price-fixing-justice-department-realpage/85584247007/ |url-status=live |archive-url=https://web.archive.org/web/20250818085852/https://www.usatoday.com/story/news/nation/2025/08/11/greystar-price-fixing-justice-department-realpage/85584247007/ |archive-date=2025-08-18 |access-date=2025-09-17 |website=USA Today |language=en-US}}</ref>
==References== {{Reflist}}
{{portal|Companies}}
Category:Companies based in Charleston, South Carolina Category:Financial services companies established in 1993 Category:Real estate companies established in 1993 Category:1993 establishments in South Carolina Category:Property management companies