Greystar Real Estate Partners has raised $2bn (€1.8bn) for its US multifamily value-add fund at final close.

The manager said the fundraising for the Greystar Equity Partners (GEP) X fund – the largest ever fundraise for a US multifamily value-add fund – was backed by a diverse group of global institutional investors from North America, Continental Europe and Asia-Pacific.

Previous funds in the company’s flagship series have seen an upward trajectory, from $600m for GEP VII to $800m in GEP VIII, and $1.25m in GEP IX.

In line with Greystar’s strategy, GEP X will target investments in domestic markets with strong fundamentals, with a focus on building cash flow through improved operations, building condition and management.

Bob Faith, founder, chairman and CEO of Greystar, said: “This is an exciting close to a milestone fundraise for our team. We have been laser focused on continuously refining our value-add strategy and cultivating strong relationships with our investment partners, and we are proud of the outcome here.”

Kevin Kaberna, executive director of Greystar’s US investment management business, said: “As we move later into the real estate cycle, we are seeing that global institutional investors are increasingly flocking to more defensive investment strategies with integrated managers.

“We continue to seek to identify compelling cash flowing investments that align with our strategic priorities, and we remain confident in our team’s ability to prudently deploy capital.”