News
Greystar, known as the largest operator of apartments in the United States, has ventured into new territory with the creation of an infrastructure division at the firm.
By: Brad Randall, Broadband Communities
A giant in the world of real estate management, Greystar, is expanding into the world of infrastructure with a new division that will focus on missions like delivering enhanced connectivity through digital infrastructure.
With the announcement, Greystar also disclosed the strategic hire of Michael Hoverman, who has been tasked to lead up the company’s new infrastructure division.
Hoverman, who has more than ten years of experience at CIM Group, and seven years at Macquarie Infrastructure Partners, has been named Executive Director of Infrastructure, according to Greystar’s Aug. 14 release.
A new strategy
Greystar, a South Carolina-based company, manages operates approximately $320 billion of real estate, and is the largest owner of apartments in the United States, a summary of their operations stated.
According to their recent release, the firm’s new infrastructure strategy has been driven by shifts in the marketplace driven by factors like urbanization and digitalization.
“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,” said Bob Faith, Greystar’s founder and CEO.
Faith said Graystar is “particularly excited about the opportunities within infrastructure that align with the accelerating urbanization of great cities around the world,” according to comments included with the company’s release.
The company’s infrastructure division will have a wide-ranging set of missions.
The division’s missions will include a focus on supportive infrastructure that enhances urban living, clean air and water, improved waste management infrastructure, enhanced connectivity through digital infrastructure, and increasing the reliability of power and grid infrastructure, Greystar’s summary stated.
In the announcement, Greystar also detailed their plans to integrate infrastructure like cell towers, fiber to the home, rooftop solar, battery storage, and electric vehicle charging, with their existing real estate footprint.
Michael Hoverman, Executive Director of Infrastructure, Greystar
Meanwhile, Hoverman will be responsible for building Greystar’s in-house infrastructure team.
“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,” the company’s release stated.
Hoverman said he was thrilled to lead Greystar’s venture into infrastructure.
“The continued convergence of real estate and infrastructure offers unique opportunities to create lasting value for Greystar’s partners,” he said. “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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