15 lessons from Bob Faith's career...
1. Where you start isn’t where you have to finish
Faith grew up in Tulsa, went to the University of Oklahoma, and majored in petroleum engineering, only to pivot when the oil market collapsed.
2. A crisis can be your best teacher
The 1980s oil bust forced him to rethink everything. Instead of clinging to a shrinking industry, he enrolled at Harvard Business School and changed careers.
3. Get in the game early, even if it's not glamorous
He broke into real estate through multifamily development at Trammell Crow in Houston, a practical, operating-focused entry point.
4. Pick environments that stretch you
At Trammell Crow, he rose quickly to partner, learning to manage development risk and institutional capital under pressure.
5. Work with people who sharpen you
In 1991, he teamed up with Barry Sternlicht to co-found Starwood Capital, acquiring distressed assets during the S&L crisis.
6. Use deals to build platforms, not just profits
In 1993, he bought the Greystone Group’s 9,000-unit portfolio and used it to launch Greystar.
7. Think long-term about your operating base
He moved Greystar’s HQ from Houston to Charleston, SC—not for tax reasons, but for livability and long-term recruitment.
8. Operational excellence is an edge, not an afterthought
He built Greystar as an operator first, betting that great management would drive long-term investor trust and performance.
9. Keep an eye on big opportunities
In 2018, he acquired EdR for $4.6B, pushing Greystar into the lead in student housing just as others were pulling back.
10. Turn downturns into buying opportunities
In 2020, while many firms retrenched, he bought Alliance Residential’s management arm and expanded platform scale.
11. Identify global parallels
He acquired Fizzy Living in the UK, anticipating the institutionalization of rental housing beyond the U.S.
12. Control the pieces others outsource
In 2024, he launched a modular construction factory to address delays and rising costs—bringing manufacturing in-house.
13. Diversify from a position of strength
Faith never abandoned apartments but he layered in SFR, logistics, life sciences, and more with purpose-built teams.
14. Public isn’t always better
Despite massive AUM, Greystar remains private to avoid quarterly pressure and preserve strategic flexibility.
15. Stay close to the work
Decades in, Bob Faith still leads the firm as CEO and chairman, actively shaping strategy, culture, and capital allocation.
Greystar has a hand in about $250B of assets with nearly 800,000 units and a team of more than 20,000. And with more than $60B+ of AUM, Greystar is one of the few investment managers with a genuine operating background.
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