Greystar and Cabrillo College Reach Financial Close on 647-Bed Student Housing Community
Aptos, CA – October 24, 2025 – Greystar, a global leader in investment management, development, and property management, today announced the successful financial close for the development of Costa Vista, the first student housing community on the campus of Cabrillo College in Aptos, California.
Costa Vista will deliver 647 beds of affiliated apartment housing for Cabrillo students and their families, as well as students at nearby University of California, Santa Cruz (“UCSC”). It is the first California Community College and University of California (“UC”) intersegmental student housing project located on a community college campus.
One of the primary goals of Costa Vista is to provide students with a more affordable housing option. To support this objective, all rental rates will be set approximately 35% below the local market rate, with single occupancy, double occupancy, and family units available.
“We are excited to expand Greystar’s student housing presence in Northern California through this historic partnership to support the academic experience for students at both Cabrillo and UCSC,” said John Roberson, Senior Managing Director of Development at Greystar. “We are proud to partner with Cabrillo and UCSC to deliver modern, high-quality, and affordable housing that meets the evolving needs of today’s students.”
Costa Vista will feature a subsidized childcare center to support student parents at Cabrillo and provide training opportunities for students majoring in Early Childhood Education. Additional amenities include a wellness center, fitness center, dedicated study spaces, rooftop amenity space, grab-and-go food options, and secure bike storage.
The $179 million project is partially funded by a $111.8 million grant through the State of California’s Higher Education Student Grant Program, which was established to provide affordable, low-cost housing options for students enrolled in public postsecondary education in California. The remaining project costs are financed through project-based tax-exempt bonds. Collegiate Housing Foundation, a 501(c)(3) non-profit entity, serves as the project owner and borrower of the bonds. Additional project partners include WRNS Studio (architect), Devcon Construction, and Raymond James (bond underwriter).
Construction began in October 2025, with leasing anticipated in August 2026 and completion expected in July 2027.
About Greystar
Greystar is a leading, fully integrated global real estate platform offering expertise in property management, investment management, development, and construction services in institutional-quality rental housing. Headquartered in Charleston, South Carolina, Greystar manages and operates over $300 billion of real estate in more than 250 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, managing over 1,000,000 units/beds globally. Across its platforms, Greystar has nearly $79 billion of assets under management, including over $35 billion of development assets and over $30 billion of regulatory assets under management. Greystar was founded by Bob Faith in 1993 to become a provider of world-class service in the rental residential real estate business.
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