EUGENE, Ore. (PRWEB) September 24, 2020
Greystar, a global leader in the investment, development and management of rental housing, and Star America Infrastructure Partners (together with its related entities (Star America)), a premier investor and manager of infrastructure assets in North America, announce the acquisition of 476 East Broadway in Eugene, Oregon with plans to develop a $100 million 357-unit student housing project named “Union on Broadway.” This project marks Greystar’s first venture with Star America and their first ground up development in Eugene. Construction will commence immediately with a projected completion in August 2022.
“We are pleased to begin work on this new community at an exciting time for Eugene and the University of Oregon,” said Doug Burges, Director, Development, Greystar. “This project will provide student housing in a vibrant location with proximity to the University of Oregon, downtown Eugene and the riverfront redevelopment. We look forward to working with our joint venture partner Star America to bring Union on Broadway to life.”
“This project represents Star America’s seventh investment in the growing higher education infrastructure space. We are pleased to initiate a new relationship with best-in-class developer Greystar to meet the growing housing demands of the students at the University of Oregon,” said Christophe Petit, President of Star America.
Union on Broadway will encompass 12-stories, 357 units with 608 beds and a retail component on the ground floor. Ankrom Moisan Architects and Eugene-based contractor John Hyland Const., Inc. will oversee design and construction respectively. Future residents will benefit from a premium top floor fitness center, collaborative study lounges on each floor, a computer lounge, conference rooms, an activity and game room, a media lounge, subterranean parking and bike parking and outdoor amenity space complete with a spa, terrace, grills and lounge seating. Units will be furnished, and amenities will include an in-unit washer and dryer, private bathrooms, internet and air conditioning.
The 1.1-acre site of Union on Broadway is located just five blocks from the University of Oregon on East Broadway, a major thoroughfare and premier area for restaurants and retail creating an ideal location for Oregon students. It is also adjacent to a Whole Foods Market and within a block of Eugene’s Downtown Riverfront redevelopment site, which aims to revitalize the riverbank with high-end retail, restaurants, and green space.
Greystar is a leading, fully integrated real estate company offering expertise in investment management, development, and management of rental housing properties globally. Headquartered in Charleston, South Carolina, Greystar manages and operates over an estimated $200 billion+ of real estate in nearly 200 markets globally including offices throughout the United States, United Kingdom, Europe, Latin America, and the Asia-Pacific region. Greystar is the largest operator of apartments in the United States, managing approximately 693,000 units/beds, and has a robust institutional investment management platform with approximately $35.5 billion of assets under management, including over $15 billion 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 http://www.greystar.com.
About Star America Infrastructure Partners
Star America, a subsidiary of Tikehau Capital, a European listed asset management and investment group with €25.7 billion of assets under management (as at 30 June 2020) and shareholder equity of €2.8 billion) (as at 30 June 2020), is an independent U.S. headquartered developer and manager of infrastructure assets in North America. With an investor base that includes large institutional investors such as insurance companies and pension funds, among others, Star America focuses on delivering infrastructure projects primarily across the transportation, social, environmental and telecommunications sectors. As of August 31, 2020 Star America has over $700+ million Assets Under Management and our track record includes investments in 15 infrastructure assets, which have a total project cost valued at greater than $5 billion. Star America’s mission is to become the preferred partner in rebuilding America’s infrastructure.