Greystar purchases land for $70 million student housing project at the University of Alabama

TUSCALOOSA, Ala. - Sept. 25, 2020 - PRLog -- Greystar, a leading investor, developer and manager of student housing and multi-family properties, has purchased 1.71 acres of land near the University of Alabama for a $70 million student housing project. The community, Union on Frank, will be a 200-unit, 396-bed, Class A property located two blocks west of Bryant-Denny Stadium, where the University of Alabama football team plays.

The property, located at 512-530 Frank Thomas Avenue, 508-510 Frank Thomas Avenue and
515 Red Drew Avenue, includes two parcels with existing student housing and multi-family
structures. The buildings will be demolished to allow for construction of the new community.

Sean Baird and Jonathan Holt of Colliers International's Student Housing Group, and Carter
Brehm, Austin Weathington and Will Mathews of Colliers International's Multifamily Advisory
Group represented both parties in the sale.

"As the University of Alabama student housing market has matured, we've seen a shift in
demand towards more high-end properties," said Baird, Director of Colliers International Student Housing Group. "Greystar will build a world-class student housing community that serves a world-class university."

Greystar manages and operates over $200 billion of real estate in nearly 200 markets. It's the
largest operator of apartments in the United States, managing approximately 693,000
units/beds. The firm has approximately $35.5 billion of assets under management, including
over $15 billion of assets under development.

Union on Frank will be located in an overlay district near the University of Alabama that allows
for unlimited density and increased building height of 75 feet or higher for a site over one acre. Two other student housing projects – the Times Square project and HERE Tuscaloosa – are currently underway in this district. They will add an additional 293 and 430 beds to the area, respectively.

"The buyer faced a number of challenges with the City Council leading up to this sale, including a moratorium on new developments over 200 beds and discussion around a multi-million-dollar upgrade to the sewer network," said Holt, Director of Colliers International Student Housing Group. "However, the zoning in this area allowed for increased density, which made it a best-in- market location for Greystar."

While the city of Tuscaloosa removed the moratorium on developments over 200 beds prior to
the sale of this land, it has since been put back in place. The moratorium will not apply to this
property, but will limit future student housing development in the area.

Tanasia Reed
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Tags:Real Estate
Industry:Real Estate
Location:Tuscaloosa - Alabama - United States
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