Multifamily Giant Greystar Continues Expansion Into Other Sectors

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Greystar is expanding beyond its multifamily roots into sectors like infrastructure, data centers, and clean energy while maintaining its strong presence in multifamily housing. Plus, new laws targeting "junk fees" put U.S. apartment landlords under scrutiny, with the industry warning of higher rents and increased regulations.

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Multifamily Giant Greystar Continues Expansion Into Other Sectors

Multifamily giant Greystar, one of the largest developers, owners, and operators of multifamily housing in the United States, is once again expanding into a new real estate sector. The company said it is entering into infrastructure development and will be targeting sectors it sees as having long-term growth, including data centers, transportation and logistics facilities, and clean power. 

Charleston, South Carolina-based Greystar tapped Michael Hoverman, an industry veteran with prior roles at CIM Group and Macquarie Infrastructure Corp., to lead its new venture as the executive director of infrastructure. The company sees moving into the infrastructure business as fitting seamlessly into its platform and will focus the expansion on adjacent opportunities like transportation infrastructure and energy transition that will support markets where Greystar is currently active.

Greystar’s expanding reach began in 2020, when company leaders announced the launching of its own modular construction business, Modern Living Solutions, and opened its first modular factory last year in Pennsylvania. Greystar has also expanded into the senior housing sector in recent years, launching multiple active adult brands. And the company is also in the midst of developing its first life science project, 74M, a 468,000-square-foot property just outside downtown Boston. 

Despite the company’s ventures into other sectors, it still has a major focus on multifamily. The company recently completed construction of its largest-ever multifamily development in Southern California. That project, the $650 million Row at Red Hill, has 1,100 apartment units and 40,000 square feet of commercial space across 14.5 acres in Orange County.

Greystar is routinely ranked as the country’s top apartment owner and made its name in the multifamily industry as an owner, developer, and operator. But it is one of a growing number of companies that are exploring asset classes outside of their core investment strategy. Companies like Hines and Landmark Properties have recently entered sectors outside of where they normally operate, such as single-family rentals, student housing, and build-to-rent housing.

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Spotlight

U.S. apartment landlords face growing scrutiny with new laws targeting "junk fees" like application and pet rent charges. These fees are increasingly regulated at federal and state levels to enhance transparency and protect renters. The multifamily industry argues that these fees are necessary and already transparent, warning that the crackdown could lead to higher rents and added regulatory burdens.

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