UC Hastings Selects Greystar as Master Developer of $450M Student Housing Village in San Francisco
SAN FRANCISCO — The University of California Hastings College of the Law (UC Hastings) has selected Greystar Real Estate Partners LLC as the master developer of its planned on-campus academic village in downtown San Francisco. Charleston, S.C.-based Greystar plans to build the $450 million project in two phases.
“We are excited to be moving forward with Greystar to further develop this vibrant academic village in the heart of San Francisco,” says David Faigman, chancellor and dean at UC Hastings. The law school is situated in downtown San Francisco near the Supreme Court of California and San Francisco City Hall.
Phase I of the new project will be the ground-up construction of 630 student housing apartments available for students, faculty and staff. The first phase is estimated to cost $250 million to develop, which will be funded using tax-exempt bonds.
UC Hastings and Greystar plan to open the first phase in time for the fall 2022 semester.
Phase II is the approximately $200 million renovation of McAllister Tower, a historic on-campus dormitory. The overhaul will update 300 units and add new mixed-use amenities, including a fitness center, study lounges, community kitchens, social lounges and a new auditorium.
Overall, the expansion will add 80,000 square feet of classroom, office and retail space, according to Greystar. The second phase is expected to open in 2024.
Jared Everett, managing director of Greystar’s University Partnerships in the West, says that the new academic village will provide housing for both UC Hastings law students and medical students attending the University of California, San Francisco, where there are more than 20 locations in the Bay Area.
Founded in 1993, Greystar is the largest operator of apartments in the United States, managing approximately 500,000 units/beds across the multifamily continuum. The company’s institutional assets under management total $32 billion, including a $2 billion student housing development pipeline.
UC Hastings was founded in 1878 as the original law department of the University of California. The number of full-time enrolled law students at UC Hastings is estimated at 932 and the school features a student-to-faculty ratio of 6.9 to 1, according to U.S. News & World Report.
— John Nelson