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Carlos Balthazar Summ
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Carlos Balthazar Summ
post date
19/02/2024
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A strategic partnership between CIX Capital, a key player in the real estate capital markets, and Greystar, a global leader in rental housing, was featured in Estadão on February 2 in its Broadcast+ column. Through this agreement, Greystar will operate five assets of the CIX Share Residencial para Renda FIP fund, encompassing 998 apartments. Launched by CIX Capital in 2018, the fund’s portfolio includes five properties, four in São Paulo (SP) and one in Lajeado (RS), all focused on student housing. Greystar’s Brazilian subsidiary will operate these residences under the Share by Greystar brand.
Optimizing Operations and Enhancing Returns
In an interview with Estadão, Carlos Balthazar, CEO of CIX Capital, emphasized: “Greystar becomes the operator of the business, while the properties remain under the fund’s ownership. The focus for 2024 is to optimize operations, maximize apartment occupancy, and increase rental value.”
This partnership marks a significant milestone for CIX Capital, benefiting the fund, its investors, property staff, and tenants.
The First Structured Student Housing Fund in Brazil
The CIX Share Residencial para Renda FIP is Brazil’s first structured fund dedicated to student housing, with an initial capital raise of R$ 213 million. It has invested in the development and construction of projects tailored for student rentals, offering more than 1,900 beds.
The properties are strategically located in São Paulo neighborhoods such as Butantã, Perdizes, Vila Mariana, and Consolação, near prominent universities like USP, PUC, ESPM, Belas Artes, FAAP, Santa Casa, and Mackenzie.
Expanding Beyond Student Housing
Under the agreement, Greystar will handle the commercialization, administration, and full management of the properties with a dedicated team. Balthazar highlighted the value Greystar brings: “This partnership adds value to operations and enhances the living experience for residents. It underscores our commitment to profitability, commercialization, and unit occupancy, while generating cash flow and reducing leverage for financial results. Additionally, it broadens the target audience beyond students.”
Strengthening the Multifamily Market in Brazil
The multifamily rental market has gained traction in Brazil in recent years. In São Paulo alone, there are approximately 1,600 units, according to a study by Brain. With the current CIX Capital portfolio exclusively focused on student housing, the partnership effectively doubles the professional rental market in the city.
CIX Capital’s Role and Future Strategy
While Greystar will manage day-to-day operations—including lease renewals, marketing, property maintenance, and diversification into non-student tenants—CIX Capital will continue as the fund manager. The company ensures operational continuity during the transition and supports the strategy for disinvestment, planned for 2025.
Full article: Estadão – Greystar Takes Over Share’s Operations and Enters the Student Housing Market
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CIX Capital is an investment by Maiz: maiz.com.br
