Greystar Expands Into Infrastructure with the Hire of Michael Hoverman

CHARLESTON – August 14, 2024 – Greystar, a global leader in the investment, development and management of real estate, including rental housing, logistics, and life sciences, today announced its expansion into infrastructure with the strategic hire of industry veteran, Michael Hoverman, as Executive Director of Infrastructure. Hoverman, based in San Francisco, will lead Greystar's new infrastructure division, reporting to Wes Fuller, Chief Investment Officer.

Hoverman brings nearly two decades of experience in infrastructure, including more than ten years at CIM Group and seven years at Macquarie Infrastructure Partners. His extensive background and expertise will be instrumental in driving Greystar’s infrastructure strategy forward, leveraging the company's global platform to explore new growth opportunities.

"For over 30 years, Greystar has been committed to improving the lives of people around the world by focusing on urban housing, an underinvested and undersupplied sector with long-term secular tailwinds that have persisted across market cycles," said Bob Faith, Founder and CEO of Greystar. "Expanding into infrastructure is a natural progression for us as we continue to seek opportunities that support better living and provide high value to our residents. We’re particularly excited about the opportunities within infrastructure that align with the accelerating urbanization of great cities around the world."

Greystar’s infrastructure strategy is rooted in the recognition of the permanent shifts taking place in cities around the globe driven by urbanization, energy transition, and digitization, requiring a more modern and forward-thinking approach to infrastructure today. The company's mission will focus on supportive infrastructure that enhances urban living, including cleaner air and water, improved waste management infrastructure, enhanced connectivity through digital infrastructure, and more reliable power and grid infrastructure to meet the rising energy demands of growing cities.

"Greystar has successfully grown by putting its partners at the center of its business, offering strategies that support their goals and long-term objectives," said Wes Fuller, Chief Investment Officer at Greystar. "Our expansion into infrastructure will leverage the global scale and breadth of our team, while also benefiting from the size and scope of Greystar’s real estate platform."

Greystar has identified adjacent thematic opportunities in sectors offering long-term secular growth, including clean power, data centers, transition fuels, social infrastructure, transportation, and logistics facilities. The company's infrastructure projects will focus on delivering reliable, clean power and enhanced grid infrastructure to support residential, manufacturing, and technology users. Additionally, Greystar plans to integrate infrastructure, such as cell towers, fiber to the home, rooftop solar, battery storage, and EV charging, with its existing housing and industrial real estate footprint.

Hoverman will be responsible for building a dedicated in-house infrastructure team and leading the infrastructure business. He will seek to leverage Greystar’s global real estate platform, immense data, and internal capabilities in development, construction, operations, and asset management to deliver essential infrastructure projects that not only support sustainable growth but also contribute to the communities where Greystar already invests and manages.

"I am thrilled to join Greystar and lead this new venture into infrastructure," said Michael Hoverman. "The continued convergence of real estate and infrastructure offers unique opportunities to create lasting value for Greystar’s partners. Greystar’s global platform and commitment to excellence position us well to develop infrastructure projects that enhance urban living and support sustainable growth."

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About Greystar

Greystar is a leading, fully integrated global real estate company offering expertise in property management, investment management, development, and construction services in institutional-quality rental housing, logistics, and life sciences sectors. Headquartered in Charleston, South Carolina, Greystar manages and operates approximately $320 billion of real estate in 249 markets globally with offices throughout North America, Europe, South America, and the Asia-Pacific region. Greystar is the largest operator of apartments in the United States, manages more than 966,700 units/beds globally, and has a robust institutional investment management platform comprised of $78 billion of assets under management, including over $36 billion of development assets. Greystar was founded by Bob Faith in 1993 to become a provider of world-class service in the rental residential real estate business. To learn more, visit Greystar’s website.

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