Greystar Sells Naperville Senior Apartments to Avenida

Multifamily titan Greystar has taken over a newly built Naperville apartment complex whose residents are, well, graying.

The South Carolina-based firm led by CEO and founder Bob Faith dropped $46 million to buy the 146-unit asset at 504 Commons Road, which is an active adult community reserved for people 62 and older. The seller was Newport Beach, California-based Avenida Partners, which developed the campus of six three-story buildings and completed its construction in 2020.

The deal represents Greystar’s latest expansion of its active adult and senior housing portfolio in the Chicago suburbs, after building its own complex in Vernon Hills that opened in the fall of 2022. That 187-unit property at 555 Lakeview Parkway operates under Greystar’s Everleigh brand and is reserved for residents 55 and older.

Neither Greystar nor Avenida returned requests for comment.

With the Naperville acquisition, the Commons Road asset is also being rebranded to Everleigh Naperville from Avenida Naperville.

Greystar launched the Everleigh active adult brand after its 2016 entrance into the specialty asset class. It first partnered with private equity firm Carlyle Group on a brand called Overture and quickly scaled the portfolio. Greystar then started Everleigh with new capital partners, and as of 2020 Greystar owned nearly four dozen active adult communities, according to published reports.

Greystar ranked as the fifth-largest apartment landlord in the U.S. in the National Multifamily Housing Council’s rankings for 2022, with more than 80,000 units, up from 75,000 the previous year. Its portfolio grew even as it sold 30 properties including about 10,000 units in 2021 for $3.6 billion to Ivanhoe Cambridge.

Greystar also took the top spot among the largest multifamily developers in 2022, with work on more than 14,000 units started the previous year, according to the council.

The Everleigh brand’s website shows it has active adult communities in Illinois and seven other states: California, Colorado, Texas, Georgia, Massachusetts, Tennessee and Virginia.