Greystar Acquires 458 Units for Flexible Living Portfolio in Spain, Securing Loan from Eldridge Real Estate Credit

Greystar, a global leader in the investment, development, and management of high-quality real estate across the living sector, has announced the acquisition of a development site for 458 apartments for its growing flexible living platform in Madrid, Spain, from Bermejo & Williamson Real Estate (“BWRE”). Permits have been secured from the municipality along with a €56.1 million construction loan from Eldridge Real Estate Credit.

Expected to complete in 2027, the ready-to-build plot in Boadilla del Monte forms part of an exclusive residential area and will add a collection of studios, one and two-bed apartments to Greystar’s established Be Casa brand. Greystar expanded the brand to Barcelona and Bilbao in January 2025, and it now boasts a portfolio of over 5,000 fully furnished apartments (including pipeline).

Rafael Fernandez Villaverde, Managing Director – Spain, Greystar, said: “Be Casa Boadilla will be our fifth flexible living community in Madrid, and follows the expansion of the Be Casa brand to two new cities. Our aim is to offer young professionals, families and students a flexible housing solution with good transport links with a range of amenities that enable residents to lead a healthy lifestyle and encourage community.”

The development will feature state-of-the-art resident amenities, including approximately 1,300 sqm of communal areas, co-working spaces, a resident lounge, a gym, a pet spa, a cinema, private dining spaces, large green areas with a swimming pool and parking with electric vehicle chargers. Each apartment will be built to a high specification, featuring high quality furniture, private kitchen, smart TV, air conditioning, soundproofing, and dedicated storage. The project will target BREEAM ‘Very Good’ and EPC A certifications, reflecting its commitment to sustainable practices throughout construction and operation.

Boadilla del Monte offers a peaceful setting with excellent connectivity being less than a 20-minute drive from Madrid city center. The area has shops, bars, restaurants and other local amenities while providing access to large employment hubs, universities and schools thus appealing to professionals and families alike.

John Cole, Global Head of Real Estate Credit, Eldridge Capital Management, said: “This development will allow more renters across Madrid to access Be Casa’s compelling housing solutions, offering them high-quality designs that are both convenient and affordable. As Madrid continues to experience significant rental growth and a shift towards innovative housing, this project is well-positioned to deliver strong results. Be Casa is the largest provider of flexible living in Spain with more than 5,000 fully furnished apartments, including its steady pipeline.”

Launched in 2022 and owned by Greystar, Be Casa offers hybrid and accessible accommodation focused on the customer and their needs, bringing all the comforts of home with the convenience of a hotel. Residents and guests can rent apartments from one day up to 12 months with a 24-hour reception, security, maintenance, and periodic cleaning.

Advisors

• Jones Day, EY and MACE advised Greystar as legal; financial and tax; and technical advisors, respectively. JLL acted as debt advisor.
• Dentons advised BWRE.
• Herbert Smith Freehills advised Eldridge Real Estate Credit.

About Greystar

Greystar is a leading, fully integrated global real estate company offering expertise in property management, investment management, development, and construction services in institutional-quality rental housing, logistics, and life sciences sectors. Headquartered in Charleston, South Carolina, Greystar manages and operates nearly $315 billion of real estate in approximately 250 markets globally with offices throughout North America, Europe, South America, and the Asia-Pacific region. With a focus on doing things the right way, Greystar is driven by the vision of delivering world-class results with integrity. Greystar is the largest operator of apartments in the United States, manages over 1,000,000 units/beds globally, and has a robust institutional investment management platform comprised of over $78 billion of assets under management, including approximately $36 billion of development assets. Greystar was founded by Bob Faith in 1993 to become a provider of world-class service in the rental residential real estate business. To learn more, visit our website.

About BWRE

BWRE is a real estate investment manager focused on the Madrid metropolitan area, transforming value-add spaces into core real estate with secure income streams. Since being founded in 2012, BWRE has been an innovator in office, residential rental, proptech and healthcare. BWRE currently manages more than €750m AUM across various vehicles with a team of almost 30 professionals.

About Eldridge

Eldridge is an asset management and insurance holding company with approximately $72 billion in assets under management that consists of two divisions: Eldridge Capital Management and Eldridge Wealth Solutions. Eldridge Capital Management, through its subsidiaries, focuses on four investment strategies – diversified credit, GP solutions, real estate credit, and sports and entertainment – and conducts business under the Eldridge brand. Eldridge Wealth Solutions, an insurance and retirement solutions platform, is comprised of Eldridge’s wholly owned insurance companies, Security Benefit and Everly Life. Eldridge is wholly owned by Eldridge Industries.

Eldridge Real Estate Credit is the brand name for the real estate credit team at Cain International (“Cain”) that is being integrated into Eldridge. Cain is a privately held investment firm focused on real estate and business opportunities that shape the fabric of global gateway cities. Cain is a partnership between its CEO, Jonathan Goldstein and Eldridge Industries. Cain currently manages over $16 billion in assets through its real estate equity, real estate credit, and private equity platforms.

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