Moody's upgraded Greystar Real Estate Partners LLC's corporate family rating and the rating on the company's senior secured notes due 2025 to B1 from B2, while revising the outlook to stable from positive.

The rating agency said the upgrade echoes notable growth in the private real estate service provider's recurrent revenue streams over the past two years, particularly within its property management and investment management segments, while maintaining solid credit metrics.

The stable outlook takes into account Moody's expectation for Greystar to continue steady growth in recurring revenues while at a minimum maintaining leverage metrics at current levels.