Greystar Acquires 134-Unit Student Housing Property in Chicago
CHICAGO – October 23, 2019 – Greystar Real Estate Partners, LLC (“Greystar”), a global leader in the investment, development, and management of high-quality rental housing properties, today announced the acquisition of the 134-unit, 388-bed 30 East on behalf of its real estate funds. The asset is located in the sought-after South Loop neighborhood of Chicago and represents an opportunity for Greystar to acquire an optimally located, purpose-built student housing high-rise property that serves nearly 50,000 students attending the seven universities located within a half-mile of the property.
Notably, the property entered into a 10-year, 340-bed master lease with Columbia College in August, and the remaining 48 beds are fully leased for the 2019/2020 academic year. As a global leader in student housing, Greystar will leverage its extensive institutional knowledge to maximize efficiencies at the property to drive optimal performance.
“The acquisition of 30 East complements Greystar’s strategy of acquiring high-quality student housing assets in prime locations like the incomparable South Loop,” said Kevin Kaberna, Executive Director and leader of Greystar’s U.S. Investment platform. “We believe this was a particularly attractive investment opportunity for us given the lack of purpose-built student housing in the immediate area. The master lease with Columbia College grants us certainty of cash flow from a reputable, creditworthy institution, while the ability to re-lease the units to summer interns allows us ensure the property remains productive year-round.”
Completed in 2017, 30 East is located in Chicago’s South Loop neighborhood, a well-located submarket that provides unparalleled accessibility to the Chicago Metropolitan Area. It is located within two miles of more than 20 colleges and universities with a combined population of approximately 100,000 students, offering an average door-to-class commute time of under ten minutes. The property boasts a transit score of 100 and a walk score of 98, and it is located within a five-minute walk to three CTA stops and seven Divvy stations. Furthermore, its location near Chicago’s popular Lake Michigan means residents can easily take advantage of local attractions including beaches, Millennium Park, Grant Park and Chicago’s world famous “Museum Campus.”
The 17-story property consists of 27 studio units, 26 one-bedroom units, 55 two-bedroom units, 13 three-bedroom units, and 13 four-bedroom units, with an average unit size of 781 square feet. All units come complete with modern furnishings, full-size stainless steel kitchen appliances, in-unit washers and dryers, hardwood-style flooring, quartz countertops, and free cable and wireless high speed internet. Moreover, the building offers high-end community amenities such as a third-floor terrace and dog park, a state-of-the-art fitness center, and a sky lounge and terrace.
As the nation’s largest apartment operator with over 500,000 units under management, Greystar will continue to leverage its local market expertise and deep industry relationships to identify attractive investment and management opportunities throughout the Chicago area.
Greystar is a leading, fully integrated real estate company offering expertise in investment management, development, and management of rental housing properties globally. Headquartered in Charleston, South Carolina, Greystar manages and operates an estimated $150 billion of real estate in over 185 markets globally including offices throughout the United States, UK, Continental Europe, Latin America, and the Asia-Pacific region. Greystar is the largest operator of apartments in the United States, managing more than 500,000 units/beds, and has a robust institutional investment management platform with approximately $35.8 billion of assets under management, including nearly $13.9 billion of assets under development. Greystar was founded by Bob Faith in 1993 with the intent to become a provider of world-class service in the rental residential real estate business. To learn more, visit www.greystar.com.
ICR on behalf of Greystar