Originally published on April 22, 2024, by Hannah Miet for UrbanLand Magazine. 

Under the leadership of Chief Investment Officer Wes Fuller, Greystar, a vertically integrated real estate firm that owns, operates, and develops multifamily, student, and senior housing, began investing in international markets in 2013, including in Europe, Asia, and South America. Today, the company’s robust institutional investment management platform now has a global presence in 249 markets.

We sat down with Fuller to discuss Greystar’s living sector debt offerings, its new product aimed at “missing middle” renters, and the reasons behind Greystar’s optimistic outlook on the European rental housing market.

Urban Land: Has the lack of transaction volume plaguing the market impacted your ability to evaluate properties in the living sector?

Wes Fuller: From a transaction standpoint, the market’s bottomed, and it’s starting to recover. From a cap rate standpoint, the public REITs are priced materially higher than the publicly available private market—to an extent that I’ve never seen in my career. But those prices are starting to converge, and that’s a representation of a shrinking bid-ask spread.