Greystar Closes on University Drive at Pennsylvania State University

State College, PA - July 8, 2026
- Greystar, a global leader in rental housing, investment management, development, and property management, today announced the closing of University Drive at Pennsylvania State University ("Penn State"). The project marks the second student housing investment by Greystar's infrastructure platform, and the third student housing development partnership between Greystar and JLC Infrastructure.

University Drive will consist of four podium-style student housing buildings with 1,505 beds across 703 units. This project is positioned at the northeast corner on Penn State's University Park - just a 10-minute walk to the Pollock Commons dining hall, adjacent to athletic facilities, and directly connected to the CATA Blue and White Loop bus routes.

"We are excited to partner with Penn State on their first P3 student housing project with the goal to deliver a high-quality housing option for the University's population. With a strong focus on walkability, community spaces and connectivity to campus resources, the project is designed to enhance the student experience while helping meet the University's growing housing needs," said George Hayward, Managing Director for Greystar Development.

University Drive will be brought to life through a partnership between Greystar, Penn State, and JLC.

"University Drive is a massive win for the campus community, offering an unmatched location that keeps students right in the center of academic and athletic life. There is immense energy behind this project, and we couldn't be more excited to mark our third partnership with Greystar for a project that is designed to deliver a modern, vibrant residential hub that truly elevates the Penn State student experience," said Marlon Smith, Managing Director at JLC.

"We're pleased to support a development seeking to serve a growing demand and to create lasting value for students, the university and the broader community. We are excited to help bring this development to life alongside Penn State and our project partners," said Michael Hoverman, Executive Director of Infrastructure for Greystar.

"This is an exciting project for Penn State, as it's a new way for us to meet the unmet demand for student housing on campus," said Sara Thorndike, Senior Vice President for Finance and Business/Treasurer and Chief Financial Officer of Penn State. "The complex will provide a variety of much needed on-campus housing, and non-first-year students will have the opportunity to secure a lease from Greystar."

Construction began in June 2026, with a target Phase I delivery of May 2028, ahead of the Fall 2028 academic year, and a target Phase II delivery ahead of Fall 2029.

About Greystar
Greystar is a leading, fully integrated global real estate platform offering expertise in property
management, investment management, development, and construction services in institutional-quality rental housing. Headquartered in Charleston, South Carolina, Greystar manages and operates over $300 billion of real estate in 265 markets globally with offices throughout North America, Europe, South America, and the Asia-Pacific region. Greystar is the largest operator of apartments in the United States, managing more than one million units/beds globally. Across its platforms, Greystar has over $79 billion of assets under management, including over $35 billion of development assets and approximately $36.5 billion of regulatory assets under management. Greystar was founded by Bob Faith in 1993 to become a provider of world-class service in the rental residential real estate business.

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Bailey Zaunbrecher
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