Greystar, Rockpoint Group Sell Student Housing Community Near University of Maryland for $235M
COLLEGE PARK, MD. — Joint venture partners Greystar Real Estate Partners LLC and Rockpoint Group have sold University View, a 1,573-bed student housing community located adjacent to the University of Maryland in College Park. The $235 million sale marks the largest single-asset student housing trade in U.S. history, according to Greystar.
Jaclyn Fitts, William Vonderfecht and Casey Schaefer of CBRE National Student Housing, along with William Roohan and Michael Muldowney of CBRE’s Washington, D.C., office, represented Greystar and Rockpoint in the sale. The buyer was undisclosed.
Charleston, S.C.-based apartment management and investment firm Greystar and Boston-based real estate private equity firm Rockpoint Group purchased University View in 2016 and have since upgraded the interiors of all 507 units, as well as the property’s common areas.
“The acquisition, investment in and sale of University View exemplify the power of Greystar’s value-add strategy,” says Kevin Kaberna, executive director and leader of Greystar’s U.S. Investment platform. “We were able to perform considerable interior upgrades while maintaining affordable rents for students.”
University View is connected to the University of Maryland via a pedestrian bridge crossing Paint Branch, a 14-mile tributary of the Northeast Branch that flows to the Anacostia River. The property also features shuttle service to campus.
The community’s floor plans range from studio to four-bedroom units that are fully furnished. Each unit includes hardwood-style floors, stainless steel appliances, private bathrooms and walk-in closets, as well as a 50-inch TV in each living room.
University View features 9,218 square feet of retail space and an amenity package including two 24-hour fitness centers; barre and yoga studios with fitness classes; individual and group study rooms; media lounges; a game room with pool tables, ping-pong tables and TVs; a resort-style pool and sundeck with campus views; enclosed bike storage with repair station; Zipcars; and 24-hour on-site management.
Greystar is the second largest operator of student housing in the United States. The company’s student housing portfolio now comprises more than 120,000 beds globally, including approximately 74,000 beds owned and/or managed domestically and more than $2 billion under development.
— John Nelson