CBRE Organizes Record-Breaking Sale of Student Housing Community Adjacent to University of Maryland

26 Nov 2018

University View 608x436

CBRE National Student Housing and CBRE Washington D.C. Multifamily represented Boston-based Rockpoint Group and Charleston-based Greystar in the sale of University View, a 1,573-bed student housing high rise adjacent to the University of Maryland in College Park. An undisclosed buyer purchased the asset for $235 million. This record-breaking sale is the highest dollar transaction for a single student housing asset.
 
CBRE National Student Housing’s Jaclyn Fitts, William Vonderfecht and Casey Schaefer represented the sellers in partnership with William S. Roohan and Michael Muldowney with CBRE’s Washington D.C. Multifamily team.
   
“University View boasts eight consecutive academic years of occupancy above 99 percent and has had major common area capital improvements, including the renovation of 33 percent of the units. The high occupancy rate demonstrated to potential buyers that University View is a top housing choice among University of Maryland students,” said Ms. Fitts, Director of Student Housing for CBRE. “Additionally, the asset provides the opportunity for the buyer to drive net rental income by renovating the remaining 67 percent of beds.”
 
“The demand for strategically-located student housing investments at flagship universities across the United States by domestic and international institutions continues to expand. This trophy asset received incredible investor interest globally, driving pricing to record-breaking levels,” said Mr. Vonderfecht, Associate Director of Student Housing for CBRE. “CBRE has represented 75 percent of the largest single asset student housing transactions across the United States.”
 
Located at 8204 and 8300 Baltimore Avenue in College Park, University View is comprised of two high rises, with 1,573 beds and 9,218 square feet of ground floor retail space. Its proximity to the University of Maryland, which boasted 41,000+ students in Fall 2018, offers residents easy access to campus via a pedestrian bridge. Additionally, University View is within walking distance to numerous restaurants and entertainment along Baltimore Avenue and the popular Discovery District, which features attractions like The Hotel at the University of Maryland and Riverdale Park Station. 
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.