The nation’s top multifamily owner, developer, and manager is entering the infrastructure development space.
Charleston, South Carolina-based Greystar announced its expansion into infrastructure in a news release shared with Multifamily Dive. The company has hired industry veteran Michael Hoverman as its inaugural executive director of infrastructure to spearhead this new venture.
“Our expansion into infrastructure will leverage the global scale and breadth of our team, while also benefitting from the size and scope of Greystar’s real estate platform,” said Greystar Chief Investment Officer, Wes Fuller.
Greystar plans to venture into various infrastructure sectors poised for long-term growth, such as clean energy, data centers, transition fuels, social infrastructure, and transportation and logistics facilities. Although this initiative will primarily target the U.S., Hoverman noted that Greystar aims to leverage its extensive platform and network to broaden its infrastructure endeavors globally in markets where it has local execution capabilities.
Hoverman, who has worked in infrastructure for nearly 20 years, including more than a decade at Los Angeles-based real estate owner CIM Group, told Multifamily Dive that he intends to build an in-house team of experts that will work within the company’s existing platform.
“The infrastructure business will fit in seamlessly with the Greystar platform, leveraging the internal resources and scale of the broader business,” Hoverman said. “[The expansion will focus on] adjacent thematic opportunities in sectors offering long-term, secular growth, such as energy transition, digitization and transportation infrastructure, to support the communities and residents where Greystar is already active.”
“The continued convergence of real estate and infrastructure offers unique opportunities to create lasting value for Greystar’s partners,” Hoverman continued. “Greystar’s global platform [positions] us well to develop infrastructure projects that enhance urban living and support sustainable growth.”
The Need for Continued Infrastructure Investment
Infrastructure is the backbone of any economy, underpinning everything from transportation to energy delivery and digital communications.
In the United States, the need for continued and enhanced investment in infrastructure is more urgent than ever, particularly in sectors such as clean energy, data centers, and transportation and logistics facilities. These areas are crucial for maintaining economic stability and for driving future growth, achieving climate goals, and ensuring the nation's competitive edge in an increasingly interconnected world.
The Economic Rationale for Infrastructure Investment
Investing in infrastructure has always been a sound economic strategy. Infrastructure projects generate jobs, stimulate local economies, and enhance productivity across industries. A recent report by the American Society of Civil Engineers (ASCE) underscores that continued federal infrastructure investments could save U.S. industries over $1 trillion in gross output by 2033, while also providing significant savings for American households, estimated at nearly $700 per year if current investment levels are maintained.
Moreover, the resilience of infrastructure as an asset class, even during economic downturns, makes it a compelling investment for both public and private sectors. Infrastructure investments have consistently shown to outperform other asset classes, with returns that are stable and reliable across economic cycles.
Clean Energy: The Foundation of a Sustainable Future
The transition to clean energy is not just an environmental imperative, it is also a critical economic opportunity. The U.S. has made significant strides in renewable energy, driven by policies such as the Inflation Reduction Act (IRA), which offers long-term opportunities for investment in green projects. However, continued investment is essential to scale up these efforts and ensure that the U.S. can meet its climate goals while also securing energy independence.
Clean energy infrastructure, including solar farms, wind turbines, and energy storage facilities, requires substantial upfront investment but offers long-term benefits in terms of lower energy costs, reduced carbon emissions, and enhanced energy security. Additionally, the growth of the electric vehicle (EV) market further necessitates investments in charging infrastructure and sustainable fuels, which are crucial for decarbonizing the transportation sector.
Data Centers: The Digital Economy's Backbone
Data centers are the critical infrastructure supporting the digital economy. As the demand for cloud services, artificial intelligence (AI), and Internet of Things (IoT) applications grows, so does the need for robust, scalable, and energy-efficient data centers. The U.S. is currently a global leader in data center infrastructure, but to maintain this position, continuous investment is required.
Data centers are energy-intensive, and their expansion must be coupled with advances in energy efficiency and the integration of renewable energy sources. This reduces the carbon footprint of these facilities and aligns with broader sustainability goals. Investments in data center infrastructure also have a multiplier effect, driving growth in related sectors such as telecommunications, cybersecurity, and software development.
Transportation and Logistics: Connecting Markets and Communities
Transportation infrastructure is critical for the smooth functioning of economies. It connects markets, facilitates trade, and enables the movement of goods and people. The U.S. transportation network, however, faces significant challenges, including aging infrastructure, congestion, and a lack of investment in modern, sustainable transportation solutions.
Investing in transportation and logistics infrastructure, including highways, railways, ports, and airports, is essential for reducing inefficiencies and ensuring that the U.S. economy remains competitive on a global scale. Modernizing this infrastructure not only improves efficiency, it also reduces environmental impacts by cutting down on traffic congestion and enabling the shift to more sustainable modes of transport.
The Need for a Long-Term Commitment
The benefits of infrastructure investment are clear, but they require a long-term commitment from both the public and private sectors. Short-term, reactive investments are insufficient to address the complex challenges posed by climate change, technological advancements, and global competition. Instead, a strategic, forward-looking approach is needed, one that prioritizes sustainability, resilience, and innovation.
Moreover, as the ASCE report highlights, reverting to pre-IIJA (Infrastructure Investment and Jobs Act) spending levels would have a detrimental impact on the U.S. economy, reducing disposable income for families and hampering business productivity. Therefore, it is crucial that the current momentum in infrastructure investment is not only maintained but also expanded to address the growing needs of the future.
GPRS Can Help Support Your Infrastructure Projects
Continued investment in infrastructure, particularly in clean energy, data centers, and transportation and logistics facilities, is not just a policy choice but an economic necessity. These investments will drive economic growth, support the energy transition, enhance digital infrastructure, and improve the quality of life for millions of Americans. As the U.S. navigates the challenges of the 21st century, robust infrastructure will be the foundation upon which future prosperity is built.
GPRS delivers a comprehensive suite of infrastructure visualization services aimed at preventing subsurface damage during construction, offering utility locating and mapping, precise concrete scanning and imaging, 3D laser scanning, video pipe inspection, leak detection, and mapping and modeling solutions.
The utility locating and mapping services at GPRS harness the power of ground penetrating radar (GPR) and electromagnetic (EM) locating technologies to provide a complete visualization of the subsurface environment.
GPRS provides complimentary PDF and .KMZ maps of your site or facility with every utility locate we complete. We also provide you with a complimentary Personal subscription to SiteMap® (patent pending), our cutting-edge, cloud-based infrastructure mapping solution. SiteMap® serves as a centralized repository for the highly accurate data collected by GPRS Project Managers.
From skyscrapers to sewer lines, GPRS Intelligently Visualize The Built World® to keep you on time, on budget, and most importantly, safe.
What can we help you visualize? Click the links below to schedule a service or request a quote today.
Frequently Asked Questions
What are the Benefits of Underground Utility Mapping?
Having an updated and accurate map of your subsurface infrastructure reduces accidents, budget overruns, change orders, and project downtime caused by dangerous and costly subsurface damage.
How does SiteMap® assist with Utility Mapping?
SiteMap®, powered by GPRS, is the industry-leading infrastructure management program. It is a single source of truth, housing the 99.8%+ accurate utility locating, concrete scanning, video pipe inspection, leak detection, and 3D laser scanning data our Project Managers collect on your job site. And the best part is you get a complimentary SiteMap® Personal Subscription when GPRS performs a utility locate for you.
Click here to learn more.
Does SiteMap® Work with my Existing GIS Platform?
SiteMap® allows for exporting of data to SHP, GeoJSON, GeoPackage, and DXF directly from any user’s account that either owns or has a job shared to their account. All these file formats can be imported and utilized by other GIS packages if manually imported by the user. More information can be found here.
Does GPRS offer same day private utility locating?
Yes, in many cases, our professional Project Managers can respond rapidly to emergency same-day private utility locating service calls on your job site. With over 500 Project Managers strategically stationed across every major market in the U.S., GPRS always offers our industry-leading utility locating services near you.
