Greystar and Credicorp Capital Close on Multifamily Development Fund to Focus on Rental Housing in Chile

CHARLESTON, SC - Greystar Real Estate Partners, a global leader in the investment, development, and management of rental housing, and Credicorp Capital, the leading investment bank in the Andean Region, announced the closing of “Fondo de Inversión Credicorp Capital Renta Residencial I Chile”. The discretionary commingled fund is focused on the development of high-quality multifamily assets in Chile.

Greystar operates over 400,000 rental units in 160 markets globally with an ownership interest in assets worth over $14.0 billion USD. Greystar will look to leverage its rental housing expertise to identify underserved markets in Santiago to generate attractive risk-adjusted returns to its investors and an unmatched living experience for its residents.

“We are excited to announce the closing of our first investment fund in Chile,” said Bob Faith, Chairman and CEO of Greystar. “This is another step in our successful international growth strategy and vision to professionalize the rental housing business and provide opportunities for institutional capital globally. Greystar’s vision and our world class Latin America team will combine with Credicorp Capital’s deep regional relationships to generate attractive investment returns.”

“The fund will focus on the development of highly attractive opportunities in the most attractive submarkets in Santiago, where we find strong fundamentals for multifamily assets,” said Eduardo Orozco, Managing Director of Investments for Greystar’s Latin America platform. “Our goal is to develop the premier portfolio of buildings that will redefine the apartment for rent experience in Chile. Having a presence in the Chilean market is key to our continued growth throughout Latin America. We are excited to work with Chilean investors on this fund and develop the multifamily industry in the region.”

“The joint venture with Greystar in Chile is just the start of what we believe is a significant opportunity in the multifamily space across Latin America, and we look forward to growing this partnership throughout the entire Andean Region,” said Cristián Letelier, Managing Director of Alternative Investments of Credicorp Capital.