Canadian pension fund launches US$840M single-family rental JV with Greystar

Canada Pension Plan Investment Board is making a foray into the single-family rental market through a 95/5 joint venture with Greystar Real Estate Partners LLC.

The joint venture partners committed approximately US$840 million of equity to the initiative.

The venture will seek to develop and buy purpose-built single-family rental communities across the U.S. The portfolio will be operated and managed by Greystar.