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Greystar Acquires $460 Million Portfolio of Multifamily Assets

September 9, 2013
In a sweeping reshuffle of its portfolio property mix, Inland American Real Estate Trust has found a buyer for a huge chunk of its multifamily portfolio.

Charleston, SC-based Greystar Real Estate Partners is purchasing a $460 million portfolio of multifamily assets from the Chicago-based REIT.

The purchased portfolio consists of 14 institutional apartment communities, or 4,371 units throughout markets with exposure to the growing domestic energy industry: Houston, Oklahoma City, Dallas, San Antonio, and Louisville. The transaction values the properties at approximately $105,000 per unit.

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“We are excited with the opportunity as the portfolio of stable, income-producing properties fits well within our investment strategy of acquiring assets with strong existing cash flow at values below replacement cost and in markets experiencing significant employment and population growth,” said Wes Fuller, Greystar’s executive director of investments. “We believe the assets are positioned to perform well driven by extensive renovation and operational enhancements planned by our team.”

The portfolio was purchased within two Greystar-sponsored investment vehicles and is comprised of the following number of properties per market and number of units:

Market No. of Properties No. of Units
Houston 6 1,882
Oklahoma City 4 1,325
San Antonio 2 536
Dallas 1 372
Louisville 1 256
Total 14 4,371

Greystar Real Estate Partners is one of the largest operators of apartments in the United States, managing approximately 215,000 units in more than 100 markets.

Inland American Real Estate Trust has been selling its apartment and single-tenant net leased holdings as part of a long-term strategy to reinvest in office, industrial and multi-tenant retail properties.

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