2022 NMHC Top 50 Managers

Greystar is a jack-of-all-trades for the multifamily industry in the U.S. as well as globally. The Charleston, South Carolina, company has held the title of the nation’s largest apartment manager in the NMHC rankings for 12 consecutive years, with almost 700,000 units managed as of Jan. 1. It also ranks as the No. 5 apartment owner, with just over 80,000 units in its portfolio; the No. 1 developer, starting 14,047 units last year; and the No. 1 builder, with 11,301 starts.

“The power of our global vertically integrated platform continues to drive our success and position Greystar for today and the future,” says Kevin Kaberna, executive director who leads Greystar’s North American investment management platform.

The leader will continue to expand its reach in 2022. Last year, it had announced it would make its move into the single-family build-to-rent market.

“Our entry into build-to-rent is complementary and immediately adjacent to our core business as a leader in student and multifamily rental housing,” says Kaberna. “We follow residents through every stage of life—from students in university housing, young professionals in urban cores, families needing more space in the suburbs, all the way to retirement in age-restricted communities.”

According to Kaberna, this new wave of purpose-built housing will provide an accessible option for renters who want more space in professionally managed homes. “We’re trying to make that transition as easy as possible for our residents who have different housing needs throughout their lives,” he says. “We’re spending a lot of time focused on programming and understanding what our residents desire as their needs change. In build to rent, space is clearly valued, and there’s a real focus on yards, garages, and storage space, and ultimately those are the reasons people are moving out of their apartments.” Kaberna adds Greystar has a pipeline of nine deals in high-conviction markets, including Dallas-Fort Worth; Houston; Orlando, Florida; and Phoenix. The first units are targeted to come online in the first quarter of 2023 in Orlando.

In addition to build-to-rent, Greystar is moving to provide housing for the nation’s middle-income households. “The middle-income spectrum at 80% of the area median income continues to be squeezed,” he says. “At the end of the day, we see a real need for quality housing at attainable rents.” To execute this, Greystar has invested in a modular facility for a more efficient delivery for this housing. It also has land under control and is moving ahead on a handful of attainable projects prior to the facility running at full capacity. The initial homes are slated for the end of 2023.

Another area of focus will be on the credit space, providing debt and equity. “With over 650 clients, it makes a lot of sense for us to be in a position to provide debt and equity along with our operational and development services across the housing spectrum,” Kaberna says. “The last piece of this credit puzzle is our credit origination business, which should be operational by mid-summer.”