Inside a Multifamily: Greystar Opens the Doors of Ayra Pinheiros and Explains Opportunities in This Market

The Multifamily Model, Popular in the United States, Gains Traction in Brazil with the Impact of Rising Selic Rates and Changes in Caixa Econômica’s Mortgage Rules

Vitor Costa, Country Manager of Greystar

By: SiiLA News

01/23/2025

Vitor Costa, Country Manager of Greystar, opens the doors of Ayra Pinheiros, located on Rua dos Pinheiros in São Paulo, near the Fradique Coutinho subway station, to share his insights on the Multifamily market and how this new concept is being received in Brazil.

During SiiLA's visit to the property, the company’s CEO, Giancarlo Nicastro, conducted an interview to discuss the expansion of the Multifamily market, its consolidation in Brazil, the challenges it faces, and a comparison with international markets. Hit play!

For Costa, Multifamily assets have started to catch the attention of investors, who see this market as an opportunity to generate stable income from residential unit rents.

The executive highlights several factors driving the Multifamily market in Brazil. The first is the increase in urbanization, with more people choosing to live in large cities, which raises the demand for housing in these areas. Another relevant factor is demographic trends, such as the decline in birth rates in Brazil, resulting in smaller families and greater demand for compact apartments.

Additionally, there is a shift in Brazilian consumer behavior, with people seeking more flexibility and services through rentals, rather than purchasing properties that don’t offer all the amenities of a Multifamily.

“The search for properties in central areas is becoming increasingly difficult for most people due to the rise in interest rates and new mortgage restrictions by Caixa Econômica,” the executive notes, comparing the São Paulo scenario with major international cities like London and New York.

Read: Demand for Rentals Expected to Grow Following Selic Rate Hike and Caixa’s Rule Changes for Mortgage Financing

A New Market for Investors

Press play and dive into the universe of the Multifamily Market in Brazil

Costa emphasizes that investors have already realized the huge potential of Brazil for the Multifamily market. He describes this model as a “new” way of living, with more features and flexible contracts, something innovative for the Brazilian market.

"I often mention Chile, where we started operating in 2017. Multifamily in Chile began in 2015, and today Santiago, with half the population of São Paulo, already has about 185 buildings in operation. This shows the enormous opportunity we have here in Brazil," he says.

According to data from SiiLA’s Market Analytics platform, the Multifamily market in Brazil already has over 10,500 units in operation across several states. By 2025, the number of developments is expected to increase with over 2,276 new units.

Ayra Pinheiros

Ayra Pinheiros is a high-end development with complete infrastructure, including a gym, swimming pool, lounge area, coworking space, and a full events schedule for residents. In addition to presenting the property, during his conversation with Nicastro, the Greystar Country Manager explained how Multifamily management works.

"Each property has a manager, who acts as the ‘CEO’ of the building. They are responsible for the property. Additionally, there is a dedicated maintenance team, an app for submitting service requests and resolving issues, and a concierge who handles resident inquiries and organizes events and networking opportunities," he explains.

Currently, Greystar has a portfolio of seven properties, with investments totaling around R$ 1.7 billion. Ayra Pinheiros, inaugurated in late 2023, is one of the highlights, alongside other projects such as Ayra Higienópolis and Ayra Pininfarina.

"In 2025, we will be opening new developments: Ayra Moema, near Ibirapuera Park, and Ayra Perdizes, near Allianz Parque Stadium," says the executive.

In 2026, Greystar plans to deliver Ayra Vila Madalena and Ayra Brooklyn, completing the 'Ayra' project, which started in 2020 in partnership with CPPIB, Cyrela, and SKR.

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