PHOENIX, AZ, October 19, 2011
/24-7PressRelease/ -- Greystar is pleased to announce its acquisition of Park Place Apartments in Plymouth, a suburb of Minneapolis, MN. The company purchased the 500-unit apartment complex for $54.675 million from Invesco. This acquisition is the latest in Greystar's continuously expanding national multifamily platform. Currently, Greystar owns 58 properties in 25 markets with 17 different partners.
"This property is situated in a well-developed area surrounded by major employers, outdoor attractions, shopping and entertainment, and is served by an excellent school district," said Kevin Kaberna, Managing Director of Investments at Greystar. "Park Place Apartments will undergo modest capital improvements to continue to maximize rents and occupancy, providing solid returns to our investors. Greystar is optimistic on the fundamentals of Minneapolis and will continue to seek out quality investment opportunities in the area."
Greystar focuses on investments where it can drive value through strategic, operational and physical enhancements, and is aggressively pursuing acquisitions across the country. Greystar's national platform provides a stable operating presence and effective analysis of relative value across all markets, enabling well-timed entries and exits from investments and markets.
"Greystar is committed to providing the best possible living environment for our residents," said Kaberna. "On the property's exterior, we will focus on improving the landscaping, implementing trail enhancements, painting, and upgrading amenities for residents. In addition, we will renovate building entries, enhance common areas, and convert unused space into on-site storage. Finally, we are planning a full Polybutelene piping replacement along with pool updates and repairs."
To learn more about Park Place Apartments, visit http://www.liveatparkplace.com.
About Greystar
Greystar was founded in 1993 with the intent to become a provider of world-class service in the multifamily real estate business. Greystar's innovative business model integrates the management, development and investment disciplines of the multifamily industry on both national and local levels. Headquartered in Charleston, S.C., Greystar manages over 180,000 units in 100+ markets with a team that is more than 5,000 strong and growing. Greystar has invested approximately $3 billion in multifamily investments since its inception. To learn more about Greystar, visit http://www.Greystar.com.
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