July 8, 2016
Looking to network with those making MF deals across the nation? Be sure to register for Connect Apartments on September 15 at L.A. Live.
Charleston, SC-based Greystar Real Estate Partners, LLC acquired two multifamily properties in Southern California comprising 374 units for an aggregate purchase price of $178 million. The separate unrelated transactions were completed by Greystar Equity Partners IX, L.P. the apartment operator’s flagship, value-add fund series.
The Villas at Rancho Palos Verdes, a 215-unit multifamily community in Ranchos Palos Verdes, was acquired from Palo Alto-based Pacific Urban Residential. Greystar also acquired Gardens at Wilshire Center, a 195-unit property in Koreatown.
Greystar’s Kevin Kaberna says, “We like the growth prospects in both Rancho Palos Verdes and Koreatown as well as the overall fundamentals of the Los Angeles market.” He noted Greystar’s strategy is to “acquire well-located assets in high-barrier markets where we can leverage our platform to create value.”