Greystar Real Estate Partners and Rockpoint Group have sold University View, a student housing community next to the University of Maryland, to an undisclosed buyer. At $235 million, the sale marks the largest single-asset student housing trade in U.S. history.
The two firms acquired University View in a joint venture in 2016 and carried out significant capital upgrades to the property, including extensive unit and common-area renovations.
The University View community consists of 1,573 student beds across 507 units in two high-rise towers, along with 9,218 square feet of ground-floor retail. All units offer single bedrooms and range in size from studios to four-bedroom suites. Each one is fully furnished, with a 50-inch HDTV in every living room, in-unit laundry, high-speed internet access, and secure electronic key entry. Hardwood-style floors, stainless steel appliances, private bathrooms, and walk-in closets are also available.
“The acquisition, investment in, and sale of University View exemplify the power of Greystar’s value-add strategy,” said Kevin Kaberna, executive director and leader of Greystar’s U.S. investment platform, in a statement. “We were able to perform considerable interior upgrades while maintaining affordable rents for students, allowing us to produce a best-in-class property for the university community and significantly capitalize on our investment.”
Resident amenities include two 24-hour fitness centers, barre and yoga studios with on-site fitness classes, individual and group study rooms, media lounges, a resort-style pool and sundeck, enclosed bike storage and repair, Zipcar stations, and a game room with pool tables, ping-pong, and TVs. The community is managed on-site 24/7, with fitness classes and social events conducted by staff. A connecting pedestrian bridge provides residents with easy access to campus.
Greystar manages over 120,000 student beds across the globe, including approximately 74,000 in the United States, and has over $2 billion in new properties under development. It is the second-largest student housing operator in the U.S., the largest owner and operator of student housing in Spain, and the third-largest owner of student housing in the United Kingdom.
