Two busy student housing communities primarily serving students at the Boulder campus of the University of Colorado have been sold to Greystar Real Estate Partners of Charleston, South Carolina.
The Hive Baseline, located at 2726 Moorhead Avenue, and the Hive 99 Seventy at 970 28th Street, are both just blocks away from UC campus and are both relatively recently built complexes.
Both properties, comprising 282 units, feature studios, and one to three-bedroom apartments. Rents at both complexes begin at $2,000 a month.
The purchase price for the properties is a reported $189.5 million, with the actual sale handled by CBRE’s national student housing team.
In a press release, Jaclyn Fitts, CRBE executive vice president, described the sale as a “significant transaction in the high barriers-to entry market.” She added that the portfolio for the two complexes was the subject of “amazing interest from investors.”
A national presence in the high-quality rental housing market, Greystar currently has more than $11 billion in student housing assets under management. Late last year the company spent $600 million purchasing two-mixed use student housing projects at the Austin-campus of the University of Texas and one complex at the University of Maryland at College Park.
By Garry Boulard
