Greystar Real Estate Partners and Goldman Sachs & Co. have entered into a joint venture agreement to purchase a $1.5 billion portfolio of multifamily assets from Equity Residential. The portfolio consists of 27 high-quality apartment communities, or 8,010 units, located in major markets across the United States.
“This transaction fits perfectly in our investment strategy to acquire assets with strong existing cash flows at values below replacement cost located in markets with high employment and population growth,” Bob Faith, Greystar’s chairman and CEO, said in a statement. “We are pleased that the composition of this portfolio of high-quality apartment communities aligns with locations where we have deep operational expertise. We believe these assets are positioned to benefit both from continued strength in the multifamily industry as well as from Greystar’s operational expertise.”
The assets under contract for sale are located in the following markets: Washington, D.C. and Northern New Jersey (2,105 units at $517.7 million); South Florida (1,896 units at $276.7 million); San Francisco Bay Area (711 units at $188.5 million); Southern California (720 units at $180.8 million); Phoenix, Ariz. ( 1,575 units at $180.3 million) and Denver, Colo. (1,003 units at $156 million).
Goldman calling inflation?
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