Greystar Real Estate Partners LLC has partnered with The University of Pennsylvania for the redevelopment of Sansom Place East, a 588-bed student community in Philadelphia. The $94.5 million project is currently in the planning phases, with completion slated for the 2023-2024 academic year, according to UPenn Facilities & Real Estate Services.
The company plans to keep the exterior and renovate the interiors of the 1970-built building. Once completed, Sansom Place East will comprise 473 units with studio and two-bedroom apartments offering private bathrooms and in-unit laundry facilities. The community will house the university’s graduate students.
Community amenities will include a fitness center, coworking lounges, kitchen and study rooms. The company plans to upgrade the outdoor plaza with a deck and landscape and create an indoor-outdoor connection to the amenity space. Hunter Roberts Construction Group is the general contractor, and Barton Partners Architecture is working on the planning and design for the redevelopment.
Located at 3600 Chestnut St., the community is within half a mile of the University of Pennsylvania and next to dining and retail options on Walnut Street. Penn Park and Franklin Field are also within half a mile of the property. Philadelphia City Center and its surroundings are within 2 miles of Sansom Place East.
Currently managing some 754,000 units, Greystar remains the largest apartment operator in the U.S. Last year, the company secured $600 million in financing for two Texas developments, totaling 2,439 beds and another 341-unit project serving the students at the University of Maryland.