October 23, 2019
Greystar Real Estate Partners acquired the 134-unit, 388-bed 30 East student housing property in the South Loop. Deal terms weren’t disclosed, but Crain’s Chicago Business reported that Gilbane Development sold the property to Greystar for $60 million.
Completed in 2017, the property represented an opportunity for Greystar to acquire an optimally located, purpose-built student housing high-rise serving a population of nearly 50,000.
The property entered into a 10-year, 340-bed master lease with Columbia College in August, and the remaining 48 beds are fully-leased for the 2019/2020 academic year.
“We believe this was a particularly attractive investment opportunity for us, given the lack of purpose-built student housing in the immediate area,” said Greystar’s Kevin Kaberna.
“The master lease with Columbia College grants us certainty of cash flow from a reputable, creditworthy institution, while the ability to re-lease the units to summer interns allows us ensure the property remains productive year-round.”
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