Greystar acquires development site in Jing'an
Greystar Real Estate Partners, LLC, a US global leader in the investment, development and management of high-quality rental housing properties, announced on Monday the acquisition of a real estate development site in Shanghai's downtown Jing'an District, as the company further taps the ever-growing demand for professionally designed and institutionally managed rental housing, particularly in top-tier Chinese cities.
Located on Qiujiang Road within the Inner Ring Road and covering a site area of more than 8,000 square meters, the land plot, to be developed into a mixed-use upscale rental community with more than 500 units, will be the company's second project in China under its LIV'N residential rental brand.
"There are many great opportunities for developing premium rental communities in China given the depth of the market," said Charles Ma, country managing director of Greystar China. "The investment of the second LIV'N project in Shanghai demonstrates Greystar's commitment and ambition in continuing to design and develop purpose-built rental communities."
After officially launching the brand in China in May, the first LIV'N project, located at 833 Changning Road and comprising of 474 units starting from 50-square-meter studios to 149-square-meter three-bedroom apartments, is scheduled to debut by the end of this year near Zhongshan Park in Changning District.
First tapping the Asia-Pacific market in 2017 by opening an office in Shanghai, Greystar established its first China-focused multi-family fund with partners in 2019, which has reached investor commitments of up to US$550 million.