Greystar and Rockpoint's University View student housing sells for $235m
A US student housing community owned by Greystar Real Estate Partners and Rockpoint Group has been sold for $235m (€207.2m)
The partners said they have agreed to sell Maryland Student Housing Community University View to an undisclosed buyer. Greystar and Rockpoint acquired the property in 2016.
The sale amount of $235m, marks the largest ever single-asset student trade in the US, the companies said.
University View is a 1,573-bed (507-unit) pedestrian student housing community comprised of two high rise buildings with 9,218sqft of ground floor retail space.
Kevin Kaberna, an executive director and leader of Greystar’s US investment platform, said: “The acquisition, investment in, and sale of University View exemplify the power of Greystar’s value-add strategy.
“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.”