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Greystar Closes $140M for UMD Student-Housing Development
Greystar Real Estate Partners, LLC, has closed $140 million for a mixed-used student-housing development at the University of Maryland, College Park.
The UMD project is a public-private partnership with Terrapin Development Company, an entity comprised of UMD and the UMD Foundation. It consists of 341 units, 788 beds, 22,000 square feet of retail and a multi-use outdoor common space. The 1.66-acre site sits on the research institution’s corner of Knox Road and Sterling Place.
The UMD transaction is one of three student-housing projects that Greystar closed for a total $600 million; the other developments are both at the University of Texas, Austin.
“We’re seeing an increase in demand for high-quality student housing and complex mixed-use P3 structures at top tier institutions in the U.S., and we’re thrilled at the opportunity to support the evolutions of these campuses,” said Julie Skolnicki, senior managing director of Greystar.
