CBRE announced the sale of a two-property, 282-unit pedestrian student housing portfolio at the University of Colorado, Boulder (CU-Boulder). Charleston, S.C.-based Greystar purchased The Hive 9Seventy and The Hive Baseline from an undisclosed seller.
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.”
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.
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.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE: CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2020 revenue). The company has more than 100,000 employees serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
