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.