Dealmaker: Greystar Closes $600M for Student Housing Properties

Greystar Real Estate Partners LLC, Charleston, S.C., closed $600 million for three mixed-use student housing projects at the University of Texas at Austin and the University of Maryland College Park.

The acquisitions included two projects at UT-Austin, a tier 1 research institution with the fifth-largest enrollment in the nation. Union on San Antonio, a public-private partnership with St. Austin Catholic Parish, is a $170.7 million high-rise with 425 units and 991 beds. The property on the corner of San Antonio and 21st street sits one block from the UT Austin campus.

Knox Road property illustration courtesy of Greystar

The second UT-Austin project, The Union on 24th, is a $262 million high rise with 552 units and 1,448 beds in the West Campus submarket.

The University of Maryland’s Knox Road development is a $140 million public-private partnership with Terrapin Development Co., a venture between the University of Maryland College Park and the University of Maryland College Park Foundation. The 341-unit property will house 788 beds, 22,000 square feet of retail and a multi-use outdoor common space. The 1.6-acre site will occupy the corner of Knox Road and Sterling Place, adjacent to residence halls and a retail corridor.

Greystar Senior Managing Director Julie Skolnicki noted she has seen increasing demand for student housing and mixed-use public-private partnership structures at top-tier colleges.

Construction on all three projects started in October with delivery scheduled for fall 2024.