Greystar and Primus establish joint venture for 800 new rental apartments in the heart of Berlin

Greystar, a global leader in the investment, development, and management of rental housing, and Berlin-based Primus Immobilien AG are further expanding their strategic partnership in the German capital. Through the establishment of an additional joint venture, the two companies will develop more than 800 new rental apartments at sites in Berlin-Kreuzberg and Prenzlauer Berg. The total investment volume amounts to approximately €400 million.

With this new project, the two companies are significantly expanding their Berlin portfolio. At the same time, Greystar reaffirms its long-term goal of creating additional housing in inner-city locations—where it is needed most—through close collaboration with local partners.

Matthias Euler, Managing Director Germany & Austria at Greystar, says:
“Berlin continues to face a structural housing shortage. Addressing this challenge requires patience, long-term oriented investors, and experienced operators capable of delivering and managing housing at scale. Together with Primus, we aim to accelerate the delivery of high-quality rental housing while ensuring professional long-term management. Our ambition is not only to increase the supply of apartments, but also to make the rental housing market more resilient and sustainable.”

This transaction represents the third and fourth joint development between Greystar and Primus. The partnership began in early 2025 with the project at Berliner Straße 100. Upon completion, the combined portfolio will comprise around 1,400 apartments in central Berlin locations, including Charlottenburg, Pankow, Kreuzberg, and Prenzlauer Berg.

“Together with Greystar, we are building a forward-looking portfolio of modern rental housing in Berlin,” explains Sebastian Fischer, CEO and Shareholder of Primus Immobilien AG. “Demand for housing in central locations remains strong, and we are proud to contribute at this scale to addressing Berlin’s housing shortage. As a Berlin-based company with more than 30 years of history, we take this responsibility seriously. We intend to further expand this partnership through additional acquisitions later this year.”

“We are seeing growing interest from Core and Core Plus investors in residential rental investments, while the pipeline of projects able to meet this demand remains limited. This joint venture places us in a strong position to respond to that demand,” adds David Neuhoff, CFO and Shareholder of Primus Immobilien AG.

Within the partnership, Primus contributes deep knowledge of the Berlin market and extensive experience in complex urban development projects. Greystar complements this with its global investment expertise in rental housing. The company manages more than 1.1 million apartments and student housing units worldwide, including over 70,000 across eight European markets.

The developments will focus on sustainable rental housing. All units will be designed to meet the Efficiency House 40 standard and comply with the requirements of the German Sustainable Building Quality Seal (QNG). The projects will emphasize sustainable construction methods, energy-efficient design, and modern mobility concepts in order to reduce environmental impact and enhance residents’ long-term quality of life.

About Greystar
Greystar is a leading, fully integrated global real estate platform with expertise in property management, investment management, development, and construction of institutionally managed rental housing. Headquartered in Charleston, South Carolina, the company manages and operates real estate valued at more than $300 billion across more than 260 markets worldwide and maintains offices throughout North America, Europe, South America, and the Asia-Pacific region. Greystar is the largest apartment operator in the United States and manages more than one million residential units globally. Across all business lines, the firm oversees assets under management exceeding $79 billion, including approximately $36 billion in development and more than $30 billion in regulated investment capital. Greystar was founded in 1993 by Bob Faith with the aim of delivering best-in-class services in the rental housing sector.