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Follow on Google News | Greystar purchases land for $70 million student housing project at the University of AlabamaThe 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," 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- 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. End
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