Greystar Real Estate Partners has unveiled plans to invest $600m for the development of three mixed-use university student housing projects in the US.
The firm closed on this funding to support the development of projects at the University of Maryland, College Park and two projects at the University of Texas at Austin (UT Austin).
Under one of the UT Austin projects, the firm will deliver the Union on San Antonio, a $171m, 991-bed high-rise constructed under a public private partnership (P3) with St. Austin Catholic Parish. It will also include a new $32m Catholic parish, rectory and K-8 school.
Located on the corner of San Antonio and one block from the UT Austin campus, the Union will feature a pool, rooftop deck, and a fitness centre.
Greystar’s Austin team will be responsible for the development and construction management of the project, which has been designed by Page. Hensel Phelps is serving as the general contractor.
The second UT Austin project will see the delivery of the $262m 1,448-bed high rise Union on 24th.
Greystar will spearhead the development and self-perform construction for the project in the West Campus neighbourhood.
The firm will also invest $140m at the University of Maryland’s Knox Road development, a public private partnership with Terrapin Development Company (TDC).
TDC is an entity involving the University of Maryland College Park (UMCP) and the University of Maryland College Park Foundation.
The 788-bed, 341-unit project will feature a fitness centre, 22,000ft2 of retail, and a multi-use outdoor common space.
Located on the research institution’s corner of Knox Road and Sterling Place, the 1.66-acre project has been designed by WDG.
Greystar’s Mid-Atlantic team will undertake the project’s construction work while JMA will be the general contractor.
Greystar senior managing director Julie Skolnicki said: “We’re seeing an increase in demand for high-quality student housing and complex mixed-use P3 structures at top tier institutions in the US and we’re thrilled at the opportunity to support the evolutions of these campuses.”
Greystar has started construction on the three projects, which are scheduled to be over in fall 2024.
The three projects are planned to be completed in 2024. Credit: Pawel Grzegorz/Pixabay.