New York, New York-based Greystone and Quilvest & Partners, a global independent private equity investor, formed a joint venture to acquire multifamily assets across the U.S.
The initial target markets for asset acquisition include areas in the Southeast, mid-Atlantic and Midwest.
Together the companies will seek to acquire multifamily properties that have a “value-add” component, including repositioning through light rehabilitation and improved management.
“Quilvest maintains a similar vision to Greystone in its approach to multifamily asset acquisition, where we seek out opportunities to realize potential value through strategic repositioning or rehabilitation,” said Jeffrey Simpson, head of Greystone’s property development group.
“Additionally, Greystone can provide a seamless and integrated property management component to ease the transition and improve the tenant experience for residents,” he said.
“Our partnering with Greystone is consistent with Quilvest’s successful approach of capitalizing vertically-integrated teams that are uniquely positioned to generate strong returns for our investors, and we look forward to working together to grow the portfolio around the country,” said Barry Hammerman, principal at Quilvest & Partners.