Greystar’s latest multifamily property fund has raised two-thirds of its $2bn fundraising target at first close, according to an SEC filing.

The Greystar Equity Partners X fund has raised $1.34bn so far, making it the largest value-add multifamily fund raised by the manager to date. Previous funds in the company’s flagship series have seen an upward trajectory, from $600m for VII to $800m in VIII, and $1.25m in IX.

Consistent with Greystar’s strategy, the fund will target investments in domestic markets with strong fundamentals, with a focus on building cash flow through improved operations, building condition and management.

Greystar has been investing in and managing properties in the multifamily sector since 1993, owning and managing more than 480,000 units in the US and internationally.

In addition to residential real estate, the company is very active in the student housing space.

Value-add funds are having a moment in 2018. In the first half of the year, according to Prequin’s second quarterly update, value-add and opportunity funds account for two-thirds of fund closures and capital raised – value-add is the first choice for investors seeking new private real estate fund commitments.

And nearly half of all funds closed during that period exceeded their initial target size.