Greystar, Rockpoint Sell University View for $235M

COLLEGE PARK, MD–Joint venture partners Greystar Real Estate Partners and Rockpoint Group have agreed to sell the 1,573-bed student housing community University View for $235 million. It is the largest ever single-asset student trade in the US, according to the sellers.

The 507-unit property, which is located next to the University of Maryland, was acquired by the JV in 2016.

CBRE National Student Housing’s Jaclyn Fitts, William Vonderfecht and Casey Schaefer represented Rockpoint Group and Greystar in partnership with Washington DC Multifamily’s William S. Roohan and Michael Muldowney.

University View consists of two high rise buildings with 9,218 square feet of ground floor retail space. The partnership made several capital upgrades to the property, including renovations to units and all common areas.

“The acquisition, investment in, and sale of University View exemplify the power of Greystar’s value-add strategy,” said Kevin Kaberna, Executive Director and leader of Greystar’s US Investment platform. “We were able to perform considerable interior upgrades while maintaining affordable rents for students, allowing us to produce a best-in-class property for the university community and significantly capitalize on our investment.”

The property can best be described as amenity rich. It has 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 and TVs; a pool and sundeck with campus views; a bike storage with repair station; Zipcars; 24-hour on-site management; and social events for residents.

Greystar’s student housing portfolio now comprises more than 120,000 beds globally, including approximately 74,000 beds owned and/or managed in the US and over $2 billion under development.

The company acquired EdR earlier this year for $4.6 billion.