Greystar Real Estate Partners and real estate private equity firm Rockpoint Group have partnered to purchase a student housing investment. Located at 8204 Baltimore Avenue in College Park, Maryland. The property, University View, is split into two separate buildings, with a total 1,573 beds (507 units) and 9,218 square feet of ground floor retail space. The facility offers easy access to the University of Maryland via a pedestrian bridge, as well as an on-site university shuttle service to campus and Downtown College Park. 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. Terms of the purchase were not disclosed. “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.
