California State University Board of Trustees Grants Final Approval of Greystar Student Housing Project

The Trustees of the California State University have given their final
approval for a $164 million Public-Private Partnership student housing
project at California State University, Sacramento between the
university’s nonprofit affiliate, University Enterprises, Inc., and
Greystar, a global leader in the investment, development and management
of high-quality rental housing properties.

The new housing project will include approximately 360,000 square feet
of space with 284 apartment-style units for a total of 1,100 beds in six
four-story residential buildings and a one-story clubhouse. The
apartments are designed to provide an additional on-campus housing
option for upper division students in a mix of studio, two- and
four-bedroom units. The units will feature amenities such as full
kitchens and in-unit laundries. On-site amenities will include a café,
fitness center, community room, outdoor pool, sand volleyball, bocce
court, barbeques and surface parking for 546 cars and over 300 bicycles.

“There was a shortage in supply of high-quality modern student housing,”
said UEI executive director Jim Reinhart when the deal was first
announced in March 2018. “Providing additional housing will help keep
the market price reasonable for our students.”

Bob Faith, Founder, Chairman and Chief Executive Officer of Greystar,
stated, “This mutually beneficial partnership directly aligns with
Greystar’s broader efforts to develop and revitalize campus housing
across the country. We are pleased to be part of an innovative solution
that addresses the need for high-quality, purpose-built student housing
while allowing California State University, Sacramento to preserve funds
for other important initiatives.”

The project will break ground in May and be completed in time for the
start of the 2021-22 academic year. The first phase of the project,
relocating the Dan McAuliffe Memorial Ballparks to a new location is
already under way. The project is designed by Steinberg Hart architects
and will be constructed by Sundt Construction.

“We are excited to partner with Sacramento State and UEI on this
project,” said Julie Skolnicki, Executive Vice President of University
Partnerships at Greystar. “We are eager for the opportunity to provide
Sac State students with a new, high quality, on-campus housing option.
We understand the positive impacts new housing can have on students, the
university and the surrounding community.”

About Greystar

Greystar is a leading, fully integrated real estate company offering
expertise in investment management, development, and property management
of rental housing properties globally. Headquartered in Charleston,
South Carolina, Greystar manages and operates an estimated $115B of real
estate in over 180 markets globally including offices throughout the
United States, UK, Continental Europe, Latin America, and the
Asia-Pacific region. Greystar is the largest operator of apartments in
the United States, managing approximately 500,000 units/beds, and has a
robust institutional investment management platform with $32B of assets
under management including $12B of assets under development. Greystar
was founded by Bob Faith in 1993 with the intent to become a provider of
world-class service in the rental residential real estate business. To
learn more, visit www.greystar.com.

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