Greystar Appoints Michael Stapf as Managing Director to Lead Development in Germany and Austria
FRANKFURT — Greystar has appointed Michael Stapf as Managing Director – Development, Germany & Austria, the company announced Sept. 1, 2026. Stapf will oversee the delivery of current development schemes, pursue new opportunities and strengthen relationships with local partners across Germany and Austria.
A Hire Timed to Capital and Pipeline
The appointment comes shortly after Greystar closed its latest pan-European residential fund, GEPE II, at more than €2.7 billion in total commitments, providing more than €6.8 billion of investment capacity across acquisitions and development in key European cities. With that capital now available, the firm is moving to deepen its development leadership in one of its priority markets.
Mark Kuijpers, Senior Managing Director – Central Europe at Greystar, said the German market continues to present a long-term investment case. "Germany has a significant need for new rental housing and remains a market where we see a compelling long-term investment opportunity," Kuijpers said. "We have already established a strong development pipeline with local partners and, following the close of our latest pan-European residential fund, have significant capital available to build on that platform. Michael brings deep development expertise, longstanding knowledge of the German market and the experience to help us identify new opportunities and deliver the next phase of our growth."
Stapf's Background and Role
Stapf joins Greystar from LBBW Immobilien Development GmbH, where he served as Managing Director and was jointly responsible for advancing the company's project portfolio. Before that, he was Chief Investment Officer and Managing Director at International Campus, where he led investment and development activities across Germany, the Netherlands, Austria and the Czech Republic. During his tenure there, the company completed numerous acquisitions and created several thousand homes. Earlier in his career, Stapf spent 18 years at Groß & Partner, most recently as a member of the executive management team.
In his new role, Stapf will work closely with Greystar's investment and operations teams to bring forward development opportunities and ensure projects are designed and delivered with long-term operation and leasing in mind.
"Across Germany and Austria, the need for new rental housing remains significant, yet making projects financially viable and delivering them successfully has become increasingly challenging," Stapf said. "What attracted me to Greystar is the combination of long-term investment capability, development expertise and an experienced operating platform, which gives us a strong foundation to tackle those challenges and get projects delivered. Together with the team and our local partners, I look forward to progressing our current projects and identifying new opportunities to deliver much-needed rental housing across both markets."
Active Berlin Pipeline
Greystar's development activity in Germany is currently centered, though not limited, on Berlin. In partnership with PRIMUS, the firm is planning four schemes comprising around 1,400 homes across the Pankow, Charlottenburg, Kreuzberg and Prenzlauer Berg neighborhoods. In Berlin-Marzahn, Greystar is developing 428 homes in partnership with Ten Brinke.
The firm has also already delivered Momento Berlin in Neukölln, described as one of its largest residential developments in Germany to date. The neighborhood comprises 14 buildings and offers a range of apartment types, professionally managed services and shared spaces for residents.
Greystar's Germany and Austria platform currently includes 10 assets, 4,291 beds and units, more than $1.4 billion in assets under management, and 49 employees. The Stapf appointment follows the September 2025 hire of Mathias Keller as Director of Investment for Germany and Austria, reflecting a broader effort to build out local origination and execution capability in the region.
Market Context: Tight Supply, Execution Pressure
Germany's rental housing market continues to face structural undersupply. Vacancy sits below 1% in most major markets, and new completions are expected to remain well below the German government's target of 400,000 new homes annually, constrained by high construction costs and financing pressure. Median asking rents in Germany's largest rental markets reached €17.98 per square meter in the first half of 2026, up 3.0% year over year. Apartment prices rose just 0.5% year over year in the first quarter of 2026, while low completions continue to intensify pressure on rents in existing stock.
Those conditions create a favorable long-term demand environment for institutional developers but also underscore the execution challenges Stapf will be tasked with navigating — the same dynamic he acknowledged in his own comments at the time of the announcement.