A two-property, 282-unit pedestrian student housing portfolio at the University of Colorado, Boulder has sold t0 Charleston, S.C.-based Greystar for an undisclosed amount.
The Hive 9Seventy is located at 970 28th Street and The Hive Baseline is located at 2726 Moorhead Avenue. Both properties offer residents walkability and easy access to the university and the surrounding Boulder community, including major retail and access to U.S. Route 36 to Denver. Each property comes equipped with outstanding amenity bases with recent renovations to the units and common amenities.
Jaclyn Fitts, William Vonderfecht and Casey Schaefer with CBRE’s National Student Housing team and Andy Hellman with CBRE’s multifamily investment sales team in Colorado arranged the transaction on behalf of the seller.
“Our team is thrilled to represent this significant transaction in the high barriers-to-entry Boulder market. The portfolio received amazing interest from investors,” said Ms. Fitts, executive vice president at CBRE. “The portfolio offered average monthly-per-bed rents of $1,532 with the ability to drive revenue through furnishing the properties and unit renovations at The Hive Baseline.”
According to CBRE Research, student housing investment sales across the U.S. totaled $10 billion in 2021, a 120.6% year-over-year increase from 2020. Individual asset sales totaled $6.3 billion while portfolio transactions totaled $3.75 billion – a 104% increase from 2020. In Q4 2021 alone, transaction volume was nearly three times higher than Q4 2020.
