NEW YORK, NY - Greystone, a real estate investment and development firm, and Quilvest & Partners, a global independent private equity investor, today announced the formation of a joint venture to acquire multifamily assets across the U.S. Initial target markets for asset acquisition include areas in the Southeast, mid-Atlantic and Midwest.
As part of the joint venture, Greystone and Quilvest will seek to acquire multifamily properties that have a “value-add” component, including repositioning through light rehabilitation and improved management. The ideal acquisition targets are of 1980’s vintage – or newer – and over 200 units in size. Upon acquisition by the joint venture, all properties will be managed and repositioned by Greystone Property Management Corporation.
“Quilvest maintains a similar vision to Greystone in its approach to multifamily asset acquisition, where we seek out opportunities to realize potential value through strategic repositioning or rehabilitation,” said Jeffrey Simpson, head of Greystone’s property development group. “Additionally, Greystone can provide a seamless and integrated property management component to ease the transition and improve the tenant experience for residents,” he added.
“As we look to strategically capitalize on strong drivers supporting the U.S. multifamily asset class, investing in management-intensive properties across select secondary cities is particularly attractive. Greystone has established itself as a leading player in this sector with its track record of investment in, management of, and lending to borrowers for multifamily property,” said Barry Hammerman, Principal at Quilvest & Partners. “Our partnering with Greystone is consistent with Quilvest’s successful approach of capitalizing vertically-integrated teams that are uniquely positioned to generate strong returns for our investors, and we look forward to working together to grow the portfolio around the country,” he added.
To date, the Greystone-Quilvest joint venture has acquired properties in the Greenville metro area in South Carolina, the Florida panhandle and the Research Triangle of North Carolina.
About Greystone
Greystone is a financial services and private investment group whose original core business is multifamily real estate lending. Over the years, Greystone has added business lines that are related to, and natural extensions of, its core business including acquisition, development, and management of multifamily housing properties across the country. Headquartered in New York with offices across the U.S., Greystone is active in three major business segments: Mortgage Finance, Healthcare and Real Estate. Greystone’s mission is to apply unparalleled creativity while modeling corporate compassion. Loans are offered through Greystone Servicing Corporation, Inc., Greystone Funding Corporation and/or other Greystone affiliates. For more information about Greystone’s multifamily and healthcare financing solutions please visit www.greyco.com
About Quilvest & Partners
Quilvest & Partners is the management company of Quilvest Private Equity, the private equity arm of the Quilvest Group. With around $27 billion in assets under management, Quilvest Group is a leading global independent wealth manager and private equity investor dedicated to wealth preservation and generation. Since 1972, Quilvest Private Equity invests and accompanies private small and medium sized companies in their strategic development over the long term. With a team of nearly 100 professionals investing both directly and in funds and a global footprint (in Paris, London, Zurich, Geneva, Luxembourg, New York, Montevideo, São Paulo, Dubai, Singapore and Hong Kong), Quilvest & Partners manages more than $5 billion in assets. Quilvest & Partners offers investment opportunities to its private and institutional investors on a large range of private equity and private real estate funds, direct investments and through strategic partnerships, with a total alignment of interests. For more information: www.quilvestprivateequity.com