Market Overview

Greystar Acquires 273-Unit Multifamily Property in Portland's Sought-After West End


Greystar Real Estate Partners, LLC ("Greystar"), a global leader in the
investment, development, and management of high-quality rental housing
properties, today announced the acquisition of the 273-unit Indigo at
Twelve West on behalf of its real estate funds. The asset, located at
430 SW 13th Avenue in Portland, Ore., is one of the premier
multifamily mixed-use assets in Portland and represents a compelling
opportunity for the company to acquire a best-in-class, highly
amenitized mixed-use multifamily asset in the city's affluent West End

"The acquisition of Indigo at Twelve West complements Greystar's
strategy of acquiring high-quality assets where we can add value through
operational improvements and renovation upside in highly desirable
submarkets like the West End, which is Portland's most sought-after
urban neighborhood," said Kevin Kaberna, Executive Director and leader
of Greystar's U.S. Investment platform. "We were able to purchase this
property at a discount to replacement cost, and we believe our plan to
reduce controllable expenses and refresh the interiors will allow us to
maximize the property's tremendous potential and capitalize on what we
expect will be a supply shortfall in the area through 2020."

Completed in 2009 to the LEED Platinum standard, Indigo at Twelve West
consists of 273 residential apartments as well as approximately 86,000
square feet of creative office space and a 10,000-square-foot retail
component, both of which are fully leased. The Class-A property boasts
an all-glass façade with floor-to-ceiling windows, 10- to 12-foot
ceilings, gas appliances and unparalleled views. The property was built
to condo specifications and features an unrivaled suite of amenities.

As the nation's largest apartment operator with 435,000 units under
management, Greystar currently owns approximately 610 units in the
Portland area and manages 13,700 more in Oregon. Greystar will continue
to leverage its local market expertise and deep industry relationships
to identify attractive investments and management opportunities
throughout the Portland area.

About Greystar

Greystar is a leading, fully integrated real estate company offering
expertise in investment management, development, and property management
of rental housing properties globally. Headquartered in Charleston,
South Carolina, with offices throughout the United States, Europe, Latin
America, and Asia-Pacific, Greystar is the largest operator of
apartments in the United States, managing more than 435,000 conventional
units and student beds in over 150 markets globally. Greystar also has a
robust institutional investment management platform dedicated to
managing capital on behalf of a global network of institutional
investors with nearly $26 billion in gross assets under management
including more than $9.7 billion of developments underway. With
approximately $6 billion in student housing assets under management,
Greystar is the 10th largest student housing operator in the
United States, the largest student housing operator in Spain, and the 3rd
largest owner of student housing assets in the United Kingdom with a
growing presence across Europe. Greystar was founded by Bob Faith in
1993 with the intent to become a provider of world class service in the
rental housing real estate business. To learn more about Greystar, visit

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