CPP Investments Forms New JV with Greystar Real Estate Partners on US Multifamily Market
Posted on 01/07/2021
Canada Pension Plan Investment Board (CPP Investments) and Greystar Real Estate Partners, LLC (Greystar), formed a new joint venture to pursue multifamily real estate development opportunities in target markets in the United States. CPP Investments has allocated US$ 350 million in equity to the joint venture for a 90% stake, and Greystar has allocated US$ 39 million for the remaining 10%. Greystar will manage and operate the portfolio on behalf of the joint venture. The joint venture will develop Class A, mid- and high-rise multifamily properties in urban and inner-ring suburban communities across major U.S. markets, including core coastal markets and other regions with strong population and job growth.