Subject: CXP
Greystar Expands Build for Rent Vertical in Houston Area
KATY, Texas, Sept. 26, 2023 /PRNewswire/ -- Greystar Real Estate Partners, LLC ("Greystar"), a global leader in the investment, development, and management of real estate, including rental housing, logistics, and life sciences, today announced the groundbreaking of Summerwell Sunterra, a Build for Rent single-family rental community in Katy, Texas, a suburb in the Houston area.
Summerwell is Greystar's dedicated Build for Rent platform focused on developing purpose-built, single-family rental communities across the United States. This approach to Build for Rent adds single-family housing supply, while striving to deliver efficient and scalable communities in target markets that need this product most.
Greystar currently manages over 50 single-family rental communities comprised of nearly 10,000 homes across leading markets nationwide. This Build for Rent portfolio continues to grow with over 2,000 single-family homes and townhomes currently under development across the country.
"Greystar's continued expansion into single-family rental homes accommodates renters looking for larger homes, outdoor space, and best-in-class amenities while providing the high-quality professionally-managed rental experience Greystar is known for," said Sam Moore, Greystar Senior Managing Director, Investments. "With an aging millennial population, this product aligns with our goal of growing with our renters and their needs across all stages of life from student housing, to multifamily, to single-family rental, to essential housing, to active adult."
Located in the Sunterra Master Planned Community north of Interstate 10 and west of The Grand Parkway, and in one of the top school districts in the Houston Area, Summerwell Sunterra will consist of 156 homes, with a mix of three- and four-bedroom detached homes and townhomes. Residents will have access to the community's amenities, including the Crystal Lagoon, clubhouse and patio, fitness and event lawns, pool and lazy river, playground, park, tennis courts, and more.
"Katy is a booming suburb of Houston, and Sunterra is currently the top-selling master-planned community in Texas1, so we couldn't think of a better place to break ground on Greystar's first Build for Rent community in the greater Houston area," said Brian Herwald, Houston-based Managing Director of Development for Greystar. "There is so much this community has to offer from entertainment to lifestyle, to highly sought-after schools in the Katy Independent School District, and it's proven itself as a place where young families want to live."
1 For more information, please visit Real Estate Consulting's Rankings.
About Greystar
Greystar is a leading, fully integrated global real estate company offering expertise in property management, investment management, development, and construction services in institutional quality rental housing, logistics, and life sciences sectors. Headquartered in Charleston, South Carolina, Greystar manages and operates more than $280 billion of real estate in 241 markets globally with offices throughout North America, Europe, South America, and the Asia-Pacific region. Greystar is the largest operator of apartments in the United States, manages more than 822,100 units/beds globally, and has a robust institutional investment management platform comprised of more than $75 billion of assets under management, including nearly $32 billion of development assets. Greystar was founded by Bob Faith in 1993 to become a provider of world-class service in the rental residential real estate business.
To learn more, visit www.greystar.com.
Greystar Media Inquiries
Zain Abouseido
[email protected]
SOURCE Greystar Real Estate Partners, LLC
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