Greystar JV Develops Sacramento Student Community
Set to come online in 2027, the project will have 352 beds.
A joint venture of Greystar, University Enterprises Inc. and JLC Infrastructure has broken ground on Hornet Place, a 101-unit, 352-bed student housing project in Sacramento, Calif.
The student community will serve California State University. Leasing is scheduled to begin in August next year, while completion is expected in April 2027.
Greystar had more than 1 million rental units and student beds managed across the globe as of March. In Sacramento, the firm owns one more student property serving the same university, dubbed Hornet Commons. The 284-unit, 980-bed community that came online in 2021 is within walking distance of the new development site.
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Hornet Place is taking shape at 7700 College Town Drive, close to Highway 50 and adjacent to the California State University at Sacramento campus and Hornet Stadium. Downtown Sacramento is 5 miles from the site, while the city’s international airport is 18 miles northeast.
Upon delivery, the four-story building will have one-, two- and four-bedroom floorplans, including double-occupancy layouts. Amenities are set to include a swimming pool and a fitness center, as well as study spaces, media and games rooms, an outdoor fire pit and barbecue areas. The mid-rise will also feature surface parking and more than 1,800 square feet of ground-floor retail space.
Student housing sector remains strong
The student housing sector continues to perform well, according to the latest Yardi Matrix student housing report. Across Yardi 200 universities, preleasing reached 93.7 percent as of August for the next academic year, higher than the thresholds of the past two years. Additionally, the figure is slightly above the occupancy registered last September.
The average advertised asking rent per bed came in at $903 at Yardi 200, down 1.7 percent from the March high of $919, but still up 1.1 percent year-over-year. Notably, this also marks the first month of the leasing season where rent growth ticked upward, increasing by 10 basis points.
