Greystar Real Estate Partners and Rockpoint Group have acquired Maryland-based University View, a student housing property. No financial terms were disclosed.
CHARLESTON, S.C.–(BUSINESS WIRE)–Greystar Real Estate Partners, LLC (“Greystar”), a global leader in the investment, development, and management of rental housing properties, today announced that the Company has partnered with real estate private equity firm Rockpoint Group to acquire University View in College Park, Maryland.
The joint venture plans to significantly update the unit interiors and common areas to provide accommodations to compete with more recent student housing deliveries in the submarket. The improvements include a full interior upgrade to all units, inclusive of wood-style plank flooring, new countertops, stainless steel appliances, updated furniture packages, upgraded hardware and lighting, significant enhancements to the common areas/amenity spaces and conversion of the existing pool area into a resort style amenity.
“Greystar and Rockpoint are able to add value through significant capital renovations, while still maintaining attainable rents for students,” said Cliff Chandler, Managing Director of Investments for Greystar.
“We look forward to offering the next-generation of apartment amenities designed specifically to meet the needs of students,” said Michelle Fuller, Managing Director of Real Estate for Greystar.
Located at 8204 Baltimore Ave., the student housing property is split into 2 separate buildings, with a total 1,573 beds (507 units) and 9,218 square feet of ground floor retail space. Its proximity to the University of Maryland offers students easy access to campus via a pedestrian bridge, as well as an on-site university shuttle service to campus and Downtown College Park. Additionally, University View is within walking distance to numerous restaurants and entertainment venues along Baltimore Avenue.
Greystar is a leading, fully integrated real estate company offering expertise in investment management, development and property management of rental housing properties globally. Headquartered in Charleston, South Carolina with offices throughout the United States, Europe, and Latin America, Greystar is the largest operator of apartments in the United States, managing over 400,000 units in over 160 markets globally. Greystar also has a robust institutional investment management platform dedicated to managing capital on behalf of a global network of institutional investors with over $14 billion in gross assets under management including $6.9 billion of developments underway. Greystar was founded by Bob Faith in 1993 with the intent to become a provider of world class service in the rental housing real estate business. To learn more about Greystar, visit www.greystar.com.
About Rockpoint Group
Rockpoint Group, L.L.C. is a real estate private equity firm headquartered in Boston, with additional primary offices in Dallas and San Francisco. Since 1994, Rockpoint’s founding Managing Members with others have sponsored twelve commingled funds and related co- investment vehicles, raising approximately $17 billion in capital commitments and investing approximately $13 billion of equity in over 370 transactions with a total capitalization of approximately $50 billion. Rockpoint employs a fundamental value approach to investing in both its opportunistic and lower-risk strategies and focuses on select product types and geographic regions, with a primary emphasis on opportunities in major coastal markets in the United States. For more information, visit www.rockpointgroup.com.