Greystar Wins Three Innovator Awards from Student Housing Business

AUSTIN, TX – May 8, 2024 — Greystar Real Estate Partners, LLC (“Greystar”), a global leader in the investment, development, and management of real estate, including rental housing, logistics, and life sciences is pleased to announce that two Greystar on-campus student housing projects were recognized at the Student Housing Business 14th Annual Innovator Awards. 

The Academe at 198, a 667-bed community on the campus of UC College of the Law San Francisco, was recognized for “Best On-Campus Implementation of Mixed-use or Live Learn” and “Best On-Campus Public-Private Financing Solution.” The Accolade on Chestnut, a 588-bed community on the University of Pennsylvania campus, was honored for “Best On-Campus Renovation of Existing University Housing.”

The Academe at 198 is a 14-story mixed-use project that includes indoor and outdoor study and gathering spaces, a fitness center, a dog run, as well as 58,000 square feet of University academic space. The building features a 400-seat underground auditorium and event space for guest lectures, academic activities, and professional development opportunities. It replicates real-world settings students will face post-graduation, such as appellate and trial moot courtrooms. Additionally, it includes the LexLab, an innovation hub aimed at equipping law students with the skills needed for the modern legal profession's technological and business aspects.

Despite challenges posed by the COVID-19 pandemic, The Academe at 198 successfully opened its doors in Fall 2023. Originally planned to be financed through tax-exempt bonds, the project faced obstacles as such bonds were not issued for new student housing once the pandemic was declared. However, with collaboration between Greystar, Raymond James, and investors, financing was secured, resulting in favorable terms benefiting both the University and students with rents approximately 25% below market rate. Notably, the project's use of tax-exempt green bonds highlighted its positive sustainability impact and community transformation, earning it the Community Impact of the Year Award from the San Francisco Business Times in March 2024.

The Accolade on Chestnut received recognition for Greystar's restoration efforts completed in Fall 2023. With the aim of enhancing the graduate student experience while maintaining affordable rental rates, Greystar conducted a comprehensive modernization of the building while preserving its historic exterior. The $97.5 million renovation transformed The Accolade on Chestnut into a modern, vibrant living and learning environment. Notable enhancements include upgraded common areas featuring a fitness/wellness center, meeting rooms, study spaces, and entertainment areas, all infused with modern lighting and art reflecting the University's rich academic history. 

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About Greystar 
Greystar is a leading, fully integrated global real estate company offering expertise in property management, investment management, development, and construction services in institutional-quality rental housing, logistics, and life sciences sectors. Headquartered in Charleston, South Carolina, Greystar manages and operates more than $300 billion of real estate in 249 markets globally with 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 893,600 units/beds globally, and has a robust institutional investment management platform comprised of more than $78 billion of assets under management, including over $35 billion of development assets. Greystar was founded by Bob Faith in 1993 to become a provider of world-class service in the rental residential real estate business. To learn more, visit www.greystar.com.   

Media Contact
Garrett Derderian
Senior Director, Head of US External Communications
garrett.derderian@greystar.com