Greystar seeks buyer for massive $1.2B apartment portfolio

Two properties are located in the Greater LA area

May.May 04, 2018 02:22 PM
Greystar exec Bob Faith with photos from the Arts District project and Desmond apartments

Greystar Real Estate Partners is selling two apartment properties in Greater Los Angeles as part of a 13-property portfolio valued at $1.2 billion.

Eight of those properties are in California, including the two in L.A.

The South Carolina-based company did not disclose the specific property locations. The firm owns 20 properties in Los Angeles, according to Real Capital Analytics.

In the portfolio, Greystar is also including five properties in Virginia. Combined, the package includes 3,374 units spread across newer, core properties and value-added assets, according to CoStar, which first reported on the portfolio sale.

Marcus and Millichap’s IPA division is listing the California properties, while Eastdil Secured is marketing the building in Virginia.

Greystar, as well as the listing brokerages, did not return requests for comment.

In California, Greystar most recently acquired a 211-unit apartment complex in Long Beach for $84.2 million. It’s also developing a mixed-use project in the Arts District, which it secured a $100 million construction loan for back in July.

It also owns an apartment complex in Rancho Palos Verdes, which it acquired as part of a nine-property portfolio trade in July 2016. Other Greystar-owned properties include an apartment building in Koreatown and a mixed-use project in Culver City.

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