Greystar Closes $600M in Financing for Three Student Housing Projects in Texas, Maryland
AUSTIN, TEXAS AND COLLEGE PARK, MD. — Greystar has closed on $600 million in financing for the development of three student housing projects located in Texas and Maryland. Construction on all developments began in October with completion scheduled for fall 2024.
The projects include Union on San Antonio, a $171 million, 991-bed high-rise being built through a public-private partnership with the St. Austin Catholic Parish. The project is located one block from the University of Texas at Austin campus and will include a new Catholic parish, rectory and K-8 school for $32 million.
Page designed the student housing tower, which will feature shared amenities including a swimming pool, rooftop deck and fitness center. Greystar’s Austin team will oversee the construction of the project with Hensel Phelps as general contractor.
The second development serving students attending the University of Texas is Union on 24th, a $262 million, 1,448-bed high-rise community in Austin’s West Campus neighborhood. Greystar will lead the development and self-perform construction.
The final project is Knox Road, a $140 million community near the University of Maryland in College Park. The project is being developed through a public-private partnership with Terrapin Development Co., an entity comprised of the University of Maryland College Park and the University of Maryland College Park Foundation.
The development will offer 788 beds of student housing alongside shared amenities including 22,000 square feet of retail, a multi-use outdoor common area and fitness center. WDG designed the community. Greystar’s Mid-Atlantic team will oversee the construction of the project with JMA acting as general contractor.
“We’re seeing an increase in demand for high-quality student housing and public-private partnership structures at top-tier institutions in the U.S., and we’re thrilled at the opportunity to support the evolutions of these campuses,” says Julie Skolnicki, Greystar’s senior managing director. “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.”
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 the United States, United Kingdom, Europe, South America and the Asia-Pacific region. Greystar is the largest operator of apartments in the United States, managing more than 748,000 units and beds.
— Katie Sloan