Greystar buys pair of CU Boulder student apartment complexes for $189.5 million

BOULDER — Hive 9Seventy and The Hive Baseline, two formerly hedge fund-owned apartment complexes for University of Colorado Boulder students, have been acquired by Charleston, South Carolina-based property management giant Greystar Real Estate Partners LLC for a combined total of $189.5 million, Boulder County property records show. 

The properties include 282 units, so the per-unit price tag Greystar paid is an eye-popping $671,985.

Hive 9Seventy and The Hive Baseline are located at 970 28th St. and 726 Moorhead Ave. respectively, and feature studio, one-, two-, and three- bedroom apartments.

The seller was a set of holding companies affiliated with Washington-based private equity firm Carlyle Group Inc. and California student-housing developer M&A Real Estate Partners, according to Boulder County public records. 

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, according to a news release from the brokerage.

“Our team is thrilled to represent this significant transaction in the high barriers-to-entry Boulder market. The portfolio received amazing interest from investors,” Fitts, executive vice president at CBRE, said in the release. “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.”

According to websites for the two apartment communities, Greystar appears to have rebranded Hive 9Seventy as Union 9Seventy and The Hive Baseline as Union Baseline.

Rents at both sites start near $2,000 for the smallest available units. 

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