Charleston, S.C./ June 4, 2014 – Greystar Real Estate Partners announced today that it has acquired Riverstone Residential Group, a leading manager of apartments in the United States, from London-based CAS Capital Limited, a wholly-owned subsidiary of Regis Group PLC, owned by Nick and Peter Gould. The acquisition solidifies Greystar’s position as one of the world’s leading multifamily real estate services companies with over 385,000 apartment units under management in major markets throughout the United States and abroad.
“Riverstone is one of the nation’s most highly respected multifamily firms and we are proud to have them join our Greystar family,” said Bob Faith, Greystar’s Chairman and CEO. “Combining forces makes us even stronger, especially in local markets where we are bringing together some of the most talented and experienced multifamily professionals in the industry. Our local teams are well resourced, and will now harness the power of our combined technology and service platforms to further expand our service offerings to our clients, partners and residents.”
Greystar has been among the largest managers of apartments in the United States for a number of years. Over its 20-year history, the company has successfully integrated a number of major operators, including the management arms of JPI, Archon, and Glacier. In addition to property management, the company also has a robust investment management and development platform and recently expanded its operations internationally to Mexico and the United Kingdom.
Nick Gould, Chairman of the Board for CAS Capital Limited, said “We are excited to complete this transaction with Greystar. The combining of these two great companies represents the realization of our vision to create the highest quality multifamily residential service provider in the U.S.” Peter Gould, Vice Chairman, added “We believe Greystar is a great strategic and cultural fit for the company and are proud that they will continue our legacy in providing high quality services to clients and residents. We now entrust a great company to Bob Faith as we move on to continue what we do best, creating and growing our other large scale business platforms.”
The acquisition will greatly enhance Greystar’s local presence in major markets throughout the country, particularly in the Western U.S. With a combined force of over 10,000 team members, the company manages apartment communities for many of the premiere ownership groups and institutions in the multifamily industry.
About Greystar Real Estate Partners
Greystar is a fully integrated real estate company offering expertise in property management, investment management, and development of residential properties. Headquartered in Charleston, South Carolina, Greystar is the largest operator of apartments in the United States, managing over 385,000 units in over 100 markets. Greystar also has $1.5 billion of development underway and has a robust institutional investment management platform with over $7.5 billion in assets in major markets globally. Greystar was founded by Bob Faith in 1993 with the intent to become a provider of world class service in the rental residential real estate business. To learn more about Greystar, visit www.greystar.com.
About Regis Group PLC
Nick and Peter Gould have led Regis Group PLC over a 30-year period, to become internationally recognized as significant investors in the residential real estate markets in the United States, United Kingdom and France. By investing widely, buying, building, and merging multiple entities, they specialize in the creation and management of residential platforms.
Invitation Homes was established in 2012 in partnership with The Blackstone Group; the Gould’s are founding partners. To date, Invitation Homes has deployed over $8 billion to acquire in excess of 43,000 homes for rent in the United States. The company is now the largest owner of single family rental properties in the United States.
B2R Finance is a joint venture between the Goulds and The Blackstone Group. B2R Finance provides cost effective buy to rent mortgages for residential property investors throughout the United States. R4 Capital, a New York based subsidiary of the Regis Group PLC, provides low income housing tax-credit (LIHTC) opportunities to investors and developers in the United States. To learn more about Regis Group PLC, visit www.regisplc.com.