Developer Greystar is to launch a global strategic housing division to move into alternative residential types and tenures.
The new division will be headed by Adina David, who returns to Greystar after a year away and becomes director of global development within the firm’s global practice development group.
In her new role, David will spearhead the world’s largest multifamily operator’s move into a range of flexible or alternative rental housing types, including serviced apartments, later living, micro-homes, family housing and more.
She spent two and a half years at Greystar Europe as an investment associate until August 2018, when she joined co-living developer The Collective as vice-president of investments. There, she focused on new acquisitions, investor relations, transaction management and growth strategies.
Her division at Greystar will work with property types across different tenures including long and short-term stays and explore integrating these within a single asset.
A Greystar spokesman said: “In this role, Adina will contribute to Greystar’s strategy in the rapidly changing accommodation landscape. Greystar’s customer-centric product development process is delivering innovations in unit sizing, layout and mix with close attention being made to the role of amenities and service and how this impacts residents’ experience.”
Greystar is the US’s largest build-to-rent operator, known primarily for its third-party management platform, with more than 495,000 units and beds under management. It specialises in student accommodation and rental apartments.
The company launched in the UK in 2011, focusing on student housing under its operating platform Chapter, which currently operates 5,600 beds. It later expanded to build-to-rent and currently has a portfolio of 3,500 apartments in development in London. The company is also under offer to acquire its first site in Birmingham at One Eastside.
In 2019, Greystar announced it would seek to raise £750m, which, with debt, would give it £2bn to invest in the UK.
The company’s move into alternative housing comes as part of a trend towards a variety of offerings within residential investment. As established asset classes like student accommodation and build-to-rent mature, opportunistic developers are seeking emerging products such as later living rentals and co-living.
Earlier this year, Investec said more than 90% of investors believe blended strategies encompassing student accommodation, PRS, serviced apartments and retirement living will be commonplace within five years, as institutional investment targets complementary use classes for a single return.
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