CHARLESTON, SC – Greystar Real Estate Partners, a global leader in the investment, development, and management of high-quality rental housing properties, announced the sale of University View, a pedestrian student housing community adjacent to the University of Maryland. Greystar bought the property in 2016 in a joint venture with real estate private equity firm Rockpoint Group, and the partnership has agreed to sell the property for $235 million, marking the largest ever single-asset student trade in the United States. 

CBRE National Student Housing’s Jaclyn Fitts, William Vonderfecht and Casey Schaefer represented Rockpoint Group and Greystar in partnership with Washington DC Multifamily’s William S. Roohan and Michael Muldowney.

University View is a 1,573-bed (507-unit) pedestrian student housing community comprised of two high rise buildings with 9,218 square feet of ground floor retail space. The partnership executed on significant capital upgrades to the property, including extensive renovations to units and all common areas.

“The acquisition, investment in, and sale of University View exemplify the power of Greystar’s value-add strategy,” said Kevin Kaberna, Executive Director and leader of Greystar’s U.S. Investment platform. “We were able to perform considerable interior upgrades while maintaining affordable rents for students, allowing us to produce a best-in-class property for the university community and significantly capitalize on our investment.”

Located adjacent to the University of Maryland, University View offers students an simple commute to campus across a connecting pedestrian bridge. The fully furnished apartments range from studio to four-bedroom floorplans and feature single bedrooms, a 50-inch HDTV in each living room, high-speed internet, in-unit laundry, and secure entry and electronic key access. Also available are hardwood-style floors, stainless steel appliances, private bathrooms and walk-in closets.

The highly amenitized property boasts two 24-hour fitness centers; barre and yoga studios with fitness classes; individual and group study rooms; media lounges; a game room with pool tables, ping-pong and TVs; a resort-style pool and sundeck with campus views; enclosed bike storage with repair station; Zipcars; 24-hour on-site management; and social events for residents.

Greystar is the second largest operator of student housing in the U.S., the largest owner and operator of student housing in Spain, and the third largest owner of student housing in the United Kingdom. Greystar’s student housing portfolio now comprises more than 120,000 beds globally, including approximately 74,000 beds owned and/or managed in the U.S. and over $2.0bn under development.

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DALLAS, TX – Pinnacle, one of the nation’s leading multifamily management firms, announced it has been selected as property manager for Flatiron District at Austin Ranch in The Colony, a northern suburb of Dallas. Situated one mile west of the Dallas North Tollway at Windhaven Parkway, the area’s tree-lined streets and park settings make an enviable environment for the 1,561 apartment homes nestled in this six-phase, mixed-use community.

Flatiron District is located at 6740 Davidson Street. The earliest phases were constructed in 1999 as part of the Austin Ranch master-plotted community and have unique and spacious floor plans that are not typically found in newer properties. The original units also offer fantastic value in a market where renters can get more space, and attached garages, for their dollar. A large number of floorplans throughout the entire community present design and layout options for every style and budget.

Complementing Flatiron District’s appealing exteriors are a nearby nature preserve, several pocket parks, gorgeous views and lush landscaping. In addition, residents have access to an exhaustive spread of amenities and conveniences including multiple fitness centers and pools, volleyball courts, relaxation hammocks, onsite dry cleaning, a restaurant, playgrounds and a clubhouse known as The Lodge.

Inside, residents delight in desirable finishes in select units such as marble-like quartz counters, grey tone wood plank flooring and plush carpeting, stainless appliances, gourmet kitchen islands, new wood cabinets, and a deep under-mounted single basin sink with pullout faucet. Other interior features include fireplaces, extra storage, and private patios, balconies or yards.

“A property like Flatiron District presents an incomparable opportunity for our renters who are looking for the premier location and plethora of amenities,” clarifies Pinnacle Regional Vice President Michele Butler. “There is a wide span of floorplans and so many types of interiors. Best of all, this community has a charming presence and offers a unique living experience.”

Flatiron District offers a “close but not too close” proximity to all of the local retail and dining options in and around The Colony. The community is within minutes of Shops at Willow Bend, Grandscape, Legacy West, Shops at Legacy and the major interchange of SH-121 and Dallas North Tollway. The property also sits within an employment hub that hosts Toyota, FedEx, Liberty Mutual and more.

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NEW YORK, NY – S&P Dow Jones Indices released the latest results for the S&P CoreLogic Case-Shiller Indices, the leading measure of U.S. home prices. Data released for September 2018 shows that the rate of home price increases across the U.S. slowed for the second month in a row. 

The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index, covering all nine U.S. census divisions, reported a 5.5% annual gain in September, down from 5.7% in the previous month. The 10-City Composite annual increase came in at 4.8%, down from 5.2% in the previous month. The 20-City Composite posted a 5.1% year-over-year gain, down from 5.5% in the previous month. 

Las Vegas, San Francisco and Seattle reported the highest year-over-year gains among the 20 cities. In September, Las Vegas led the way with a 13.5% year-over-year price increase, followed by San Francisco with a 9.9% increase and Seattlewith an 8.4% increase. Four of the 20 cities reported greater price increases in the year ending September 2018 versus the year ending August 2018.  

Before seasonal adjustment, the National Index posted a month-over-month gain of 0.1% in September. The 10-City and 20-City Composites did not report any gains for the month. After seasonal adjustment, the National Index recorded a 0.4% month-over-month increase in September. The 10-City Composite and the 20-City Composite both posted 0.3% month-over-month increases. In September, nine of 20 cities reported increases before seasonal adjustment, while 18 of 20 cities reported increases after seasonal adjustment.

“Home prices plus data on house sales and construction confirm the slowdown in housing,” says David M. Blitzer, Managing Director and Chairman of the Index Committee at S&P Dow Jones Indices. “The S&P CoreLogic Case-Shiller National Index showed a 5.5% year-over-year gain, weaker for the second month in a row as 16 of 20 cities showed smaller annual price gains. On a monthly basis, nine cities saw prices decline in September compared to August. In Seattle, where prices were rising at double-digit annual rates a few months ago, prices dropped last month. The few places reporting larger gains including some of the cities which had the largest gains and largest losses 10 years ago: Las Vegas, Phoenix and Tampa.

“Sales of both new and existing single family homes peaked one year ago in November 2017. Sales of existing homes are down 9.3% from that peak. Housing starts are down 8.7% from November of last year. The National Association of Home Builders sentiment index dropped seven points to 60, its lowest level in two years. One factor contributing to the weaker housing market is the recent increase in mortgage rates. Currently the national average for a 30-year fixed rate loan is 4.9%, a full percentage point higher than a year ago.”

More than 27 years of history for these data series is available, and can be accessed in full by going to www.homeprice.spdji.com. Additional content on the housing market can also be found on S&P Dow Jones Indices’ housing blog: www.housingviews.com. 

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