University of California Hastings College of the Law selects Greystar as Master Developer for $450M Multi-Phase Academic Village
April 22, 2019 –Greystar Real Estate Partners, LLC (“Greystar”), a global leader in the investment, development and management of high-quality rental housing properties and collegiate facilities, today announced its selection by the University of California Hastings College of the Law as the Master Developer for Campus Housing, Academic and Mixed-Use developments for its campus in San Francisco.
“Great law schools contribute positively to the environment and communities surrounding them,” says David Faigman, Chancellor and Dean at UC Hastings Law. “We are excited to be moving forward with Greystar to further develop this vibrant academic village in the heart of San Francisco, a hub of innovation comingling professional and graduate students in law, medicine and business.”
The project will be delivered in two phases and will provide over 900 units to the UC Hastings campus for students, faculty and staff. Phase one, which is new construction and projected to open in Fall of 2022, will provide 630 new units of campus housing. It will cost approximately $250 million and is intended to be funded with tax-exempt bonds. Phase two, which will be a renovation of the historic 100 McAllister building, is projected to open in 2024 and will provide mixed-use amenities and nearly 300 newly renovated units.
UC Hastings’ expanding academic village features more than 80,000 square feet of classroom, office and retail space for use by the law school and other tenants. Student amenities will include a fitness center, study lounges, community kitchens and social lounges. The centerpiece of the mixed-use component will be an auditorium to welcome national speakers and distinguished faculty from across the country.
“We are excited to partner with UC Hastings to execute the law school’s vision to create a vibrant, multi-disciplinary academic village in the heart of downtown San Francisco,” said Jared Everett, Managing Director of Greystar’s University Partnerships in the West. “This transformational partnership will support the UC Hastings community and UCSF students with a new innovative living-learning environment in the heart of San Francisco.”
The partnership with UC Hastings adds to Greystar University Partnerships’ growing footprint in California and the nationwide development pipeline that is now nearly $2 billion in total value. The partnership reflects Greystar’s commitment to partnering with top-tier universities to address the critical need for purpose-built collegiate housing infrastructure both in the U.S. and worldwide.
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 $115 billion of real estate in over 180 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 approximately 500,000 units/beds, and has a robust institutional investment management platform with $32 billion of assets under management including $12 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.