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Greystar Real Estate takes Oklahoma City apartment prices to new heights

The price paid per individual apartment reached a never-before-seen $161,000 for Legacy at Arts Quarter downtown and set records in south Oklahoma City, Edmond and Midwest City, as well.
by Richard Mize Modified: August 31, 2013 at 10:00 am •  Published: August 31, 2013

“Along with our recent acquisitions earlier this month of Avana 3131 and Avana on 2nd, Greystar is excited about further investing in Oklahoma City with the purchase of both Avana Arts District and Avana Midwest,” said Clay Wolford, senior director of investments for Greystar. “We feel that Oklahoma City has a compelling growth story with its heavy presence of companies in the growing domestic energy space, the significant amount of civic investment being made through the city's public private partnership, and its growing and diverse employer base.”

The purchases came as Greystar Real Estate Partners observes its 20th year in business. Faith founded Greystar in August 1993 in Houston with the acquisition and consolidation of several Texas-based multifamily management and service providers.

The company grew “using its management platform as a foundation for its burgeoning multifamily investment and development business,” Greystar said in announcing its 20-year anniversary earlier this month. Greystar moved its headquarters to South Carolina in 1999 and now has 20 corporate offices and a presence in more than 100 U.S. markets.

For the past three years, the National Multi-Housing Council has recognized Greystar as the largest manager of apartment properties in the country, with more than 200,000 individual apartment homes under management.

In addition, over the past two years, Greystar has seen record growth in its development work and was recognized as the largest builder of apartments in 2012, with 5,360 units started. The company has apartments underway in Texas, Colorado, Florida, California, Arizona, Washington, Minnesota, Georgia, South Carolina, Virginia and Maryland.

“We are very proud of what we have accomplished in our first 20 years,” Faith said in the anniversary announcement. “We are also very grateful to our clients and partners for their ongoing support and to our team members for their dedication and hard work in achieving this important milestone.”

by Richard Mize
Real Estate Editor
Real estate editor Richard Mize has edited The Oklahoman's weekly residential real estate section and covered housing, commercial real estate, construction, development, finance and related business since 1999. From 1989 to 1999, he worked...
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