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Greystar Continues to Grow in California


Charleston, S.C. (March 22, 2010) – As the first quarter of 2010 comes to a close, Greystar continues to experience significant growth in California. Their fully integrated multifamily platform appears to be “just what the doctor ordered” for many lenders, institutional fund managers, and private owners who are experiencing a variety of needs within their portfolios.

“Owners and lenders are asking for more than just a third-party manager. They are busier than ever, and their portfolios have a wide range of diverse needs,” said Wes Whitman, Managing Director of Greystar in California. “They want a partner who can think like a Principal and proactively analyze, make recommendations for, and execute on time-sensitive and often complicated strategies.”

Greystar has been given assignments ranging from finishing a construction project in order to meet a Take-Out lender’s requirements, to leasing up a vacant building prior to disposition, acting as a receiver or working on behalf of other receivers, addressing major maintenance or renovation projects, overseeing HOA management companies on broken condo projects, or simply maximizing cash flow on an existing asset through improved operations.

“We are also seeing increased opportunities to leverage our acquisitions experience and local relationships with owners, brokers, and lenders to help clients achieve their acquisition and disposition goals.” Whitman concluded, “We are fortunate that for many years, we have been organized to provide this full suite of services, because they are all needed right now.”

Greystar, which manages over 150,000 units across the country, acquired former Dallas-based JPI Management Services in December 2008. This acquisition grew Greystar’s California management portfolio to approximately 8,900 units. Now fully integrated, the combined Greystar and JPI team was successful in adding an additional 3,300 units to the Company’s California portfolio in 2009 through assignments from new clients and organic growth from existing clients. The team is already on track to exceed growth goals for 2010.

Greystar has offices and corporate personnel in Los Angeles, Orange County, and the Bay Area, and their properties span Northern and Southern California. Their local team includes leadership for property management, acquisitions, development, and construction management.

“We have highly regarded and proven local talent across all real estate disciplines,” stated Andrew Livingstone, Executive Director of Greystar, adding, “We have a strong base of great institutional and private clients who are very strategic to our future growth. We are very excited about our platform in California and are planning for robust growth in 2010.”

About Greystar
Greystar Real Estate Partners is a fully integrated firm, dedicated to multifamily real estate, offering expertise in management, development, investment, asset management, and construction management throughout the United States.

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. Because the Greystar business model includes both investment- and service-oriented businesses, the company is able to maintain a constant presence in local markets and create value in all phases of the real estate cycle.

Headquartered in Charleston, S.C., Greystar manages 150,000 units in over 70markets with a team that is more than 4,000 strong and growing. Greystar has invested approximately $3 billion in multifamily investments since its inception.

Corporate Contact:
Adam Temple
Jim Dyke & Associates

California Contact:
Wes Whitman

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