Greystar Appoints Tom Livelli to Run $3.9 Billion Asia-Pacific Living Portfolio
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Greystar has appointed former EQT partner Tom Livelli as head of Asia Pacific. He will run a $3.9 billion living-sector portfolio across four regional markets.
Based in Sydney, Livelli takes up the executive director post in early 2027. He will direct roughly 250 staff managing more than 11,500 rental apartments and student beds across Australia, Japan, South Korea, and mainland China. He replaces Adam Pillay, who has left the firm.
Executive reshuffle across regional markets
Livelli spent the past three years in Madrid as head of living strategies for Europe at EQT Real Estate. Before that, he built Greystar’s South American operations between 2017 and 2023. That expansion took the platform past $800 million in assets across 19 investments, alongside eight management contracts covering roughly 6,000 units. His earlier career includes tenures at Boston Andes Capital and Clark Realty Capital.
The leadership change puts Livelli in charge during a regional shift toward residential formats. Institutional investors across Asia-Pacific have pulled capital from secondary offices and speculative logistics. They are targeting cash-generating living assets instead. Livelli must now consolidate operations and reallocate equity across the firm’s living formats.
Pivot to purpose-built student beds
Capital has flowed directly toward Australian student housing. In April 2025, the firm completed its largest deal in the region to date: an A$1.6 billion ($1.1 billion) buyout of a 5,662-bed student portfolio from Singapore sovereign fund GIC and Wee Hur Holdings.
“That expansion took the platform past $800 million in assets across 19 investments, alongside eight management contracts covering roughly 6,000 units.”
Student housing offers immediate rental indexation and counter-cyclical cash flows. Pure-play multifamily developments struggle to match those returns under current construction costs. Student accommodation also brings faster tenant turnover and flexible rate adjustments, providing a stronger inflation hedge than multi-year commercial leases.
Pruning industrial sites and rental developments
Greystar has simultaneously stepped back from other property sectors in the region. It wound down an Australian infill industrial drive launched in 2022, selling a Sydney logistics development plot to Gateway Capital for A$78 million ($55.9 million) in May 2026.
Traditional build-to-rent projects have faced similar pruning. Warburg Pincus-backed Kio Investment Management recently acquired a former Greystar development site in Melbourne’s Collingwood neighbourhood. In Japan, Greystar put several apartment assets on the market to test institutional liquidity.
Expansion in Seoul and regional funds
The manager first entered Asia-Pacific in 2017 through a partnership with Macquarie Capital. Over the next nine years, it opened six offices across the region. Growth has since expanded beyond Australia and Japan into mainland Asia.
In May 2025, the group recruited former Samsung SRA Asset Management executive Junghwan Kang to launch its South Korea platform. Around the same time, the Teacher Retirement System of Texas allocated $25 million to the manager’s Asia-Pacific value-add vehicle.
When Livelli takes over in Sydney in early 2027, the focus shifts to execution. The firm faces decisions on whether to deploy fresh capital into Korean residential assets or accelerate divestments across its Japanese apartment holdings.
Questions & Answers
Q.What is Tom Livelli's previous experience before joining Greystar in his new role?
What is Tom Livelli's previous experience before joining Greystar in his new role?
He was head of living strategies for Europe at EQT Real Estate for three years. Before that, he developed Greystar's South American operations, expanding the platform to over $800 million in assets.
Q.How is Greystar adjusting its strategy regarding different property types in the Asia-Pacific region?
How is Greystar adjusting its strategy regarding different property types in the Asia-Pacific region?
Greystar is moving away from traditional build-to-rent projects and has wound down its Australian infill industrial drive. The firm is now focusing on cash-generating living assets, particularly purpose-built student accommodation.
Q.What are the specific benefits of student accommodation compared to other residential formats for Greystar?
What are the specific benefits of student accommodation compared to other residential formats for Greystar?
Student housing offers immediate rental indexation and counter-cyclical cash flows, which pure-play multifamily developments struggle to match. It also brings faster tenant turnover and flexible rate adjustments, providing a stronger inflation hedge.
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