M id A tlantic Real Estate Journal — Owners, Developers & Managers — June 2026 — 31
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O wners , D evelopers & M anagers
Project will deliver 493 beds in 448 furnished, attainably priced units Greystar and University of Pennsylvania close on 493-bed student housing re-development project P Michael Hoverman , exec- utive director of infrastruc- ture for Greystar. Penn FRES ©
to the life of the University, and this partnership reflects our commitment to support- ing their experience at Penn,” said Michael Scales , vice president of Penn Business Services. “With its ideal lo- cation in the heart of cam- pus and amenities designed around the needs of today’s students, the Sansom Place West redevelopment will provide modern, convenient housing that serves our grad- uate community well.” In addition to the new apart- ments, Greystar will be deliv- ering more than 11,200 s/f of
state-of-the-art amenity space to include a fitness center, cof - fee lounge, gaming room, test kitchen, co-working rooms, study rooms and booths, and large multi-function rooms. Additionally, Greystar will fully renovate the ex- isting outdoor plaza with landscape, hardscape, and seating along with an indoor- outdoor connection to the new amenity space. “We’re proud to be sup- porting a project that sets the standard for high-qual- ity student housing at an accessible price point,” said
HILADELPHIA, PA — The University of Pennsylvania in partnership with Greystar , a global leader in the invest- ment, development, and man- agement of real estate, an- nounced the redevelopment of existing student housing at 3650 Chestnut St. is un- derway. The project marks Penn and Greystar’s second collaboration and will deliver 493 beds in 448 furnished, attainably priced units, sup- ported by a robust amenity package tailored to the needs of today’s graduate students. The project also marks the inaugural student housing investment of Greystar’s in- frastructure platform, and the second partnership between Greystar and JLC , an invest- ment fund backed by Magic Johnson Enterprise and Loop Capital . “The University is thrilled to collaborate with Greystar once again on modernized graduate student housing for the reposi- tioning of this existing campus building, while preserving the original structure and complet- ing the Sansom Place redevel - opment,” said Anne Papa- george , senior vice president of Penn Facilities and Real Estate Services . “In 2023, the team of Penn, Greystar, Barton and Hunter Roberts successfully delivered Accolade on Chestnut, which was formerly known as San- som Place East. We are excited to work with the same project team at Sansom Place West, which represents the second and final phase of the Sansom Place redevelopment,” said George Hayward , managing director of Development, Greystar. “Upon completion, these two projects will introduce 1,081 beds of attainably priced graduate student housing to University City and highlight Greystar’s long-term commitment to the Philadelphia region.” Greystar is collaborat- ing with local firms Barton Partners Architecture and Hunter Roberts Construc- tion Group to complete a comprehensive renovation and modernization of Sansom Place West while maintaining the exterior design integrity. This approach will create best- in-class housing for Penn’s grad - uate student population while maintaining Richard and Dion Neutra’s original architecture. The redeveloped Sansom Place
“We’re excited to continue our partnership with Greystar on Sansom Place West, a revi - talization project that strongly reflects JLC’s commitment to investing in critical infrastruc- ture that creates meaning- ful community impact,” said Marlon Smith , managing director at JLC. “These values remain central to JLC’s mis- sion as it continues to build a portfolio of student housing infrastructure assets across the country.” MAREJ
Sansom Place
West will provide each resident with their own bathroom, even in two-bedroom suites. Each of the 448 units will also have an in-home washer/dryer. “Penn’s graduate and pro - fessional students are central
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