Ivanhoé Cambridge and Partners Join a Partnership of Goldman Sachs and
Greystar in a Portfolio of 8,010 Units in 27 Multiresidential Properties in
An investment in a US$1.5 billion portfolio across key U.S. markets
MONTREAL -- April 09, 2013
Ivanhoé Cambridge has joined a partnership of the Real Estate Principal
Investment Area of Goldman, Sachs & Co., Greystar Real Estate Partners and
other partners in a portfolio of 27 high-quality multiresidential properties
in core strategic locations across the United States. The partnership follows
Goldman Sachs and Greystar’s recent acquisition of the assets from Equity
Residential in a transaction valued at US$1.5 billion.
The income-producing portfolio of Class A and Class B apartment communities
features 8,010 units located in markets that are characterized by high
barriers to entry as well as strong economic and job growth potential. The
vast majority of the assets were built in the years 1990-2000 and are located
in high-performing sub-markets of key U.S. cities. The partners have agreed to
embark upon a multi-year maintenance and renovation investment program for all
“Ivanhoé Cambridge’s significant participation in this transaction aligns
perfectly with our strategic plan to seize promising real estate investment
opportunities and increase our critical mass with a well-distributed
diversification in priority U.S. markets,” said Sylvain Fortier, Executive
Vice-President, Residential and Hotels. “We believe we found in Greystar a
highly skilled, respected operator and investment partner. The investment and
operational expertise of the partnership will serve to strengthen the value of
the assets and generate attractive returns for our investors.”
“This transaction fits perfectly in our investment strategy to acquire assets
with strong existing cash flows at values below replacement cost located in
markets with high employment and population growth,” said Bob Faith,
Greystar’s Chairman and CEO. “We are pleased to begin this relationship with
new partners who believe in the strength and growth of this market segment in
the United States.”
About Ivanhoé Cambridge
Ivanhoé Cambridge is a world-class real estate company that leverages its
high-level expertise in all aspects of real estate including investment,
development, asset management, leasing and operations, to deliver an optimal
return for its investors. Through its multiple subsidiaries, its assets in
more than 20 countries are valued at over Cdn$35 billion as at December 31,
2012. Ivanhoé Cambridge is a real estate subsidiary of the Caisse de dépôt et
placement du Québec (lacaisse.com), one of Canada's leading institutional fund
managers. For more information, visit ivanhoecambridge.com.
About Greystar Real Estate Partners
Greystar Real Estate Partners is a fully integrated multifamily company
offering expertise in property management, development and investment
throughout the United States. Headquartered in Charleston, SC., Greystar is
the largest operator of apartments in the United States and manages
approximately 200,000 units in 100+ markets with over 5,000 team members.
Greystar was founded by Bob Faith in 1993 with the intent to become a provider
of world-class services in the multifamily real estate business. Greystar’s
innovative business model integrates the management, development and
investment disciplines of the multifamily industry. To learn more about
Greystar, visit www.Greystar.com.
About Goldman, Sachs & Co.
The Goldman Sachs Group, Inc. is a leading global investment banking,
securities and investment management firm that provides a wide range of
financial services to a substantial and diversified client base that includes
corporations, financial institutions, governments and high-net-worth
individuals. The Real Estate Principal Investment Area is part of the Merchant
Banking Division. Founded in 1869, the firm is headquartered in New York and
maintains offices in all major financial centers around the world.
Sébastien Théberge, 866-456-3342
Tim Cook, 813-864-1989
Goldman, Sachs & Co.
Andrea Raphael, 212-357-0025
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