Greystar Real Estate Partners has acquired more than 4,300 units from Inland American Real Estate Trust, Inc.
The deal, which was announced Tuesday, will add 14 apartment communities for a pricetag of $460 million to the Charleston, S.C.-based company’s portfolio, according to a company news release.
The transaction closed in two stages, the last of which was official on Aug. 28.
The properties, located in Houston, Oklahoma City, Dallas, San Antonio and Louisville, are areas that are seeing growth in the domestic energy industry, the releases states.
The company was interested in the portfolio because it fits into their strategy to build a larger presence in markets with employment and population growth, says Wes Fuller, executive director of investments.
“We believe the assets are positioned to perform well driven by extensive renovation and operational enhancements planned by our team,” he says.
After closing a $1.5 billion deal to gain a chunk of the Equity Residential portfolio, this just adds more fuel to the Greystar fire in its quest to be in the one of the industry's largest owners.
