LONDON – Greystar Real Estate Partners, a global rental housing leader, the Public Sector Pension Investment Board, one of Canada’s largest pension investment managers, and Allianz Real Estate, the global real estate investment and asset manager, announced the completion of a joint venture partnership to grow Chapter, London’s leading student accommodation brand.

The joint venture was announced at exchange on June 22, 2018 and has now secured all regulatory approvals, thereby allowing the transaction to complete.

Allianz has bought an interest in Chapter alongside PSP Investments and Greystar’s current stake. The equity investment volume of the transaction that Allianz Real Estate is executing on behalf of various Allianz insurance companies, stands at around £350m. The new partnership supports an expansion program targeting 10,000 student beds and doubling the size of the portfolio within five years. The partnership’s strategy is to continue to grow the portfolio through acquisitions and new developments in addition to continuing to improve the existing assets and Chapter brand.

Greystar is the global leader in the operations, investment and development of rental housing with over 435,000 units under management globally. It will continue to manage this portfolio, which currently comprises 5,100 student beds in ten central London locations, including Aldgate, Islington, King’s Cross, South Bank and Spitalfields. Chapter White City in west London and Chapter Highbury II in north London, the two newest additions to the Chapter portfolio, will launch in September 2018.

Commenting on the JV partnership on, Bob Faith, Founder and CEO of Greystar, said: “This partnership marks an vital step in the rapidly growing institutional-grade rental housing and student accommodation investment market in the UK. We are excited to partner with PSP and Allianz on this exciting endeavor. We have a hugely ambitious target to scale the business to secure major operational efficiencies. This joint venture means we’re now in a strong position with tremendous financial resources to realize Chapter’s potential.

“London’s housing market is under enormous pressure and student accommodation in prime locations is highly constrained,” added Faith. “London is a global leader in higher education attracting students from around the world and Chapter is well positioned to provide quality housing in prime locations. We have built Chapter into a strong brand, which students and parents from around the world trust to provide a safe and secure home while they are pursuing their studies.”

Commenting on the JV partnership, Stéphane Jalbert, Managing Director (Europe and Asia Pacific), Real Estate, PSP Investments, said: “We are very excited to welcome Allianz, an internationally renowned and respected real estate investor, into our established and successful partnership with Greystar. Chapter is now a recognized, income-generating business and this new partnership will strengthen and grow this highly efficient purpose-built student accommodation platform. Allianz and Greystar share our long-term view and focus on high-quality assets in central London with a steady income stream. Teaming up will facilitate a period of expansion for Chapter in London.”

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GREENVILLE, NC – Carter Multifamily announced that it bought Signature Place Apartments, a 171-unit community of Class B apartment homes located in Greenville, North Carolina, for approximately $14.8 million.

Constructed in 1980, Signature Place offers a diverse mix of garden-style and townhouse units with generous floor plans sought after by personnel of the area’s major employers. For example, Vidant Medical Center, is located adjacent to Signature Place and a major employer in Pitt County with approximately 6,560 health care and administrative professionals.  

“Signature Place is a right Middle Market America apartment community that offers residents quality, affordable housing that feels less like an apartment complex and more like a neighborhood,” said Cindy Pfeifer, CEO of Carter Multifamily. “Carter Multifamily plans to enhance and update the on-site amenities and living spaces to provide a more desirable community for the residents while also enhancing overall property value.”

Carter Multifamily intends to commence renovations to modernize the property including flooring, appliance, and lighting updates in units as well as enhancements to building exteriors and common areas, including the pool, dog park and fitness center upgrades. There are also plans to add more outdoor seating, gathering areas, an outdoor kitchen, and fire pits around the community pool. Such renovations are scheduled to start immediately. 

Carter Multifamily is a group of companies focused on multifamily real estate that offers value-add enhancement opportunities. Carter Multifamily’s leadership team has significant experience in the multifamily real estate sector and leverages key industry relationships to focus on growth and income opportunities.

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NEW YORK, NY – Ventas announced that it has signed a definitive agreement to buy a premier seniors housing community located in the appealing Battery Park City neighborhood of downtown Manhattan for approximately $194 million from Brookdale Senior Living.

“The Battery Park acquisition firmly establishes Ventas as the market leader in seniors housing in the elite Manhattan market,” said Debra A. Cafaro, Ventas Chairman and Chief Executive Officer. “Battery Park adds an irreplaceable, well-established community to our high-quality seniors housing portfolio and is uniquely positioned to benefit from New York City’s strong demographics. We are pleased to reach another mutually beneficial transaction for Ventas and Brookdale and we look forward to growing and improving this high-quality residence for seniors.”

The 14-tale Community, which includes 217 units overlooking the Hudson River, is a premier independent living community for New York City’s senior population and benefits from first class services, gardens, natural light and spacious units. It is located in a thriving downtown Manhattan neighborhood that offers high-end retail, residential and commercial space in addition to simple access to other highly sought after neighborhoods such as Tribeca, SoHo and the Financial District.

The acquisition is attractively valued below replacement cost and represents an approximately 5 percent going-in yield on net operating income with redevelopment opportunities offering additional potential upside. Brookdale, which has successfully operated the Community for nearly 20 years since its opening, will continue to operate the Community under a management contract with Ventas upon closing of the transaction. While the Company expects the closing to occur by year-end 2018, it remains subject to customary closing conditions and there can be no assurance whether or when the closing will occur.

Ventas, an S&P 500 company, is a leading real estate investment trust. Its diverse portfolio of approximately 1,200 assets in the United States, Canada and the United Kingdom consists of seniors housing communities, medical office buildings, life science and innovation centers, inpatient rehabilitation and long-term acute care facilities, health systems and skilled nursing facilities.

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