Greystar has acquired 30 East, a 134-unit student housing community in Chicago, on behalf of its real estate funds. The company paid $60 million for the asset, according to Crain’s Chicago Business. The transaction comes after Greystar recently purchased The Columns at Akers Mill, a 400-unit residential community in the Atlanta suburb of Vinings, Ga.
Located at 30 E. Balbo Ave., in Chicago’s South Loop neighborhood, the property entered into a 10-year, 340-bed master lease with Columbia College, with the remaining 48 beds fully leased for the 2019-2020 school year. The 15-story building provides convenient access to the Chicago Metropolitan Area and to various shopping, dining and entertainment venues including Grant Park, Target, Chicago Symphony Orchestra, James M. Nederlander Theatre, Trader Joe’s, Starbucks and Eleven City Diner.
Built in 2017, the 388-bed community features a mix of 27 studio, 26 one-, 55 two-, 13 three- and 13 four-bedroom units ranging from 405 to 1,400 square feet. In-unit amenities include full-size stainless-steel kitchen appliances, washers and dryers, hardwood-style flooring, quartz countertops and free Wi-Fi.
The pet-friendly property includes common-area amenities such as a third-floor terrace, dog park, fitness center, sky lounge, grab-and-go coffee station, community lounge, controlled building access, game room, media room, outdoor terrace with TVs and penthouse sky lounge. Additionally, a ground-floor retail and dining space totaling roughly 8,000 square feet is available on-site.