Greystar Real Estate Partners has moved into the Spanish private-rented sector (PRS) with the acquisition of a property at 48 Gran Vía in Madrid.
The property, which was acquired for an undisclosed sum, comprises 100 residential units, with a unit mix of between 1 and 4 beds.
The asset was built in 2013 and Greystar said it will invest in repositioning the asset.
The latest acquisition is Greystar’s first transaction in Spain’s residential sector.
In 2017, Greystar bought Spain’s largest student accommodation provider RESA, which currently manages close to 10,000 beds in 17 cities across Spain.
Juan Manuel Acosta, managing director of Greystar Spain, said: “We are very pleased to approach the PRS market in Spain where we believe there are many attractive investment opportunities.
”We are currently analyzing a strong pipeline in both PRS and purpose-built student accommodation segments.”