Greystar and Rockpoint Group Sell University View Student Housing Community in Maryland

CHARLESTON, SC - Greystar Real Estate Partners, a global leader in the investment, development, and management of high-quality rental housing properties, announced the sale of University View, a pedestrian student housing community adjacent to the University of Maryland. Greystar acquired the property in 2016 in a joint venture with real estate private equity firm Rockpoint Group, and the partnership has agreed to sell the property for $235 million, marking the largest ever single-asset student trade in the United States. 

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 is a 1,573-bed (507-unit) pedestrian student housing community comprised of two high rise buildings with 9,218 square feet of ground floor retail space. The partnership executed on significant capital upgrades to the property, including extensive 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 U.S. 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.”

Located adjacent to the University of Maryland, University View offers students an easy commute to campus across a connecting pedestrian bridge. The fully furnished apartments range from studio to four-bedroom floorplans and feature single bedrooms, a 50-inch HDTV in each living room, high-speed internet, in-unit laundry, and secure entry and electronic key access. Also available are hardwood-style floors, stainless steel appliances, private bathrooms and walk-in closets.

The highly amenitized property boasts 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 resort-style pool and sundeck with campus views; enclosed bike storage with repair station; Zipcars; 24-hour on-site management; and social events for residents.

Greystar is the second largest operator of student housing in the U.S., the largest owner and operator of student housing in Spain, and the third largest owner of student housing in the United Kingdom. Greystar’s student housing portfolio now comprises more than 120,000 beds globally, including approximately 74,000 beds owned and/or managed in the U.S. and over $2.0bn under development.