Greystar recently named John Wilbeck as managing director of its Canadian operations, and the American-based company is intent on increasing its presence north of the border.
“Canada is experiencing a severe housing shortage and, as the global leader in rental housing, Greystar is committed to providing much-needed rental housing for both conventional and student renters,” Vancouver-based Wilbeck wrote in an e-mail interview with RENX.
“We also see opportunities to improve property management in the Canadian purpose-built rental market and intend to grow our third-party property management business.”
Greystar is a fully integrated global real estate company involved with property and investment management, development and construction services in the rental housing, logistics and life sciences sectors.
The 31-year-old Charleston, S.C.-headquartered company is the largest operator of apartments in the United States. Greystar manages and operates approximately $320 billion (all figures US unless otherwise noted) of real estate in 249 markets globally.
Greystar has 65 offices throughout North America, Europe, South America and the Asia-Pacific region. It has an institutional investment management platform comprised of $78 billion of assets under management, including more than $36 billion of development assets.
Greystar’s first Canadian development
Greystar acquired University Heights Shopping Centre in Saanich, B.C. in March 2022 and is now well underway on the construction of a 593-unit multi-family rental project with more than 110,000 square feet of grocery-anchored retail space at grade.
The 134-unit first phase is set to be delivered this fall, with the remaining units to follow on a phased basis through 2026. Greystar will manage the lease-up and residential property operations in-house.
“This project will provide much-needed rental housing to the Saanich market and is expected to attract a mix of conventional and student renters, given its proximity to the University of Victoria,” Wilbeck wrote.
About 70 per cent of the retail space at University Heights has been leased.
“The retail component will be largely focused on food and beverage but will also include a diverse range of other uses, such as banking, insurance and daycare,” Wilbeck continued.
Future Vancouver developments
Greystar has development offices in Vancouver and Toronto and Wilbeck said it has an active development pipeline focused on conventional multifamily rental and purpose-built student housing.
Greystar has submitted rezoning applications for two purpose-built rental apartments in Vancouver.
It’s proposing to build a 371-unit property across two concrete highrise towers sitting atop a common podium at 1527 Main St. It will include a retail component at grade.
Greystar is also proposing to build a 244-unit apartment with retail at grade at 1770 West 12th Ave.
Looking forward
Greystar’s goal is to expand into other Canadian markets through both development and its property management business.
“Greystar does not own or manage any other Canadian properties,” Wilbeck said. “However, we are in active discussions to grow our third-party property management business before the end of the year.”
Greystar’s Canadian growth strategy also includes building conventional multifamily and purpose-built student housing in a range of styles, including wood-frame and concrete highrise, to provide diverse housing options to renters.
In addition to expanding Greystar’s Canadian presence, Wilbeck will also be responsible for ensuring the successful execution of business strategies and practices to meet the firm’s financial, investment and operational objectives. Wilbeck will report to David Reid, Greystar’s senior managing director of development.
“Our Canadian team is growing quickly,” Wilbeck wrote.
He joined Greystar in 2021 after previously serving as managing director for Hines, where he was responsible for sourcing and executing development projects in Western Canada.
“We currently have 15 people on our team, with 12 based in British Columbia and three in Ontario, and we anticipate adding more team members in the near future.”