Greystar Sells Maryland Student Housing Property for Record $235M
By Christina sturdivant-Sani November 28, 2018 6:13 pm
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Charleston, S.C.-based Greystar Real Estate Partners and Boston-based Rockpoint Group have sold a two-tower student housing property called University View at 8204 Baltimore Avenue and 8300 Baltimore Avenue in College Park, Md., for $235 million, according to a press release from Greystar. It marks this year’s largest single-asset student trade in the country, according to CoStar (CSGP) Group.
The sellers would not disclose the name of the buyer, but CoStar indicates it is a joint venture led by Chicago-based Scion Group. Scion did not return Commercial Observer’s request for comment.
Located adjacent to the University of Maryland, the residential rental property is comprised of 507 fully furnished units at the 12- and 19-story highrises, respectively, with a total of 9,218 square feet of ground-floor retail space, according to the release. The property also boasts two 24-hour fitness centers, barre and yoga studios, individual and group study rooms, a media lounge, a game room, a resort-style pool and sundeck and an enclosed bike storage space, among other amenities.
Greystar and Rockpoint purchased the property in 2016 for about $168.7 million, according to the Washington Business Journal. The firms made extensive renovations to units and all common areas, per the release.
“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,” Kevin Kaberna, an executive director of Greystar’s U.S. investment platform, said in a prepared statement.
Units range from $939 for a four-bedroom suite to $1,659 for a studio apartment, according to University View’s website.
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