Greystar Closes $600 Million for Three Mixed-Use University Student Housing Projects at Tier 1 Institutions
Charleston, SC – November 3, 2021 Greystar Real Estate Partners LLC (“Greystar”), a global leader in the investment, development, and management of high-quality rental housing properties, has closed $600 million for three mixed-use university student housing projects at the University of Maryland, College Park and University of Texas at Austin (UT Austin) in late September.
The investment includes two projects at UT Austin, a tier 1 research institution, the fifth largest enrollment in the nation, and is the 15th ranked public university in the nation. Union on San Antonio, a Public Private Partnership (P3) with St. Austin Catholic Parish is a $170.7 million high-rise, delivering 425 units and 991 beds, and the new Catholic parish, rectory and K-8 school for $32 million. The Union is located on the corner of San Antonio and 21st street, one block from the UT Austin campus. Amenities include a pool, rooftop deck, and a fitness center. The project designed by Page and Greystar’s Austin team will oversee development and construction management with Hensel Phelps as the general contractors.
The second UT Austin project, The Union on 24th includes a $262 million high rise, delivering 552 units and 1,448 beds to the West Campus submarket. Greystar will lead the development and self-perform construction.
The University of Maryland’s Knox Road development is a $140 million Public Private Partnership with Terrapin Development Company (TDC) an entity comprised of the University of Maryland College Park (UMCP) and the University of Maryland College Park Foundation. The gateway project consists of 341 units, 788 beds, 22,000 square feet of retail, a multi-use outdoor common space, and a fitness center. The 1.66-acre site sits on the research institution’s corner of Knox Road and Sterling Place, adjacent to the residence halls and surrounding retail corridor. The project was designed by WDG, and Greystar’s Mid-Atlantic team will oversee the construction of the project with JMA as the general contractor.
“The successful financial close and ground-breaking of these three projects is a tremendous achievement by our development, finance, investment and university partnerships teams,” said Julie Skolnicki, Senior Managing Director of Greystar. “We’re seeing an increase in demand for high-quality student housing and complex mixed-use P3 structures at top tier institutions in the US and we’re thrilled at the opportunity to support the evolutions of these campuses. Greystar is consistently seeking innovative ways to elevate the collegiate living experience on and off campus, and we look forward to seeing these projects come to life.”
Construction on all projects started in October 2021 and slated for completion in Fall 2024.
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 $220 billion of real estate in more than 210 markets globally including offices throughout North America, Europe, South America, and the Asia-Pacific region. Greystar is the largest operator of apartments in the United States, manages more than 748,000 units/beds, and has a robust institutional investment management platform with approximately $45.1 billion of assets under management, including over $21.3 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.
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