PHILADEPHIA, June 03, 2026 (GLOBE NEWSWIRE) -- The University of Pennsylvania in partnership with Greystar, a global leader in the investment, development, and management of real estate, are pleased to announce the redevelopment of existing student housing at 3650 Chestnut Street is underway. The project marks Penn and Greystar’s second collaboration and will deliver 493 beds in 448 furnished, attainably priced units, supported 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 infrastructure platform, and the second partnership between Greystar and JLC, an investment 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 repositioning of this existing campus building, while preserving the original structure and completing the Sansom Place redevelopment,” says Anne Papageorge, 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 Sansom 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 collaborating with local firms Barton Partners Architecture and Hunter Roberts Construction 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 graduate student population while maintaining Richard and Dion Neutra’s original architecture. The redeveloped 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 professional students are central to the life of the University, and this partnership reflects our commitment to supporting their experience at Penn,” said Michael Scales, Vice President of Penn Business Services. “With its ideal location in the heart of campus and amenities designed around the needs of today’s students, the Sansom Place West redevelopment will provide modern, convenient housing that serves our graduate community well.”
In addition to the new apartments, Greystar will be delivering more than 11,200 square feet of state-of-the-art amenity space to include a fitness center, coffee lounge, gaming room, test kitchen, co-working rooms, study rooms and booths, and large multi-function rooms.
Additionally, Greystar will fully renovate the existing outdoor plaza with landscape, hardscape, and seating along with an indoor-outdoor connection to the new amenity space. “We’re proud to be supporting a project that sets the standard for high-quality student housing at an accessible price point,” said Michael Hoverman, Executive Director of Infrastructure for Greystar.
“We’re excited to continue our partnership with Greystar on Sansom Place West, a revitalization project that strongly reflects JLC’s commitment to investing in critical infrastructure that creates meaningful community impact,” said Marlon Smith, managing director at JLC. “These values remain central to JLC’s mission as it continues to build a portfolio of student housing infrastructure assets across the country.”
Sansom Place East and West, built in 1970, were previously the only on-campus residences dedicated to graduate students. Ideally located, the redeveloped student housing will be only a block away from the Penn Law School, the Graduate School of Education, the Annenberg School for Communication, and the Van Pelt-Dietrich Library, three blocks from the Wharton School and the Graduate School of Education, and four blocks from the School of Engineering and Applied Science.
This is Greystar’s fifth development in the Philadelphia region and Greystar’s eighth student housing start in the United States over the last 12 months. Construction began January 2026, with an opening in time for the beginning of the 2027-2028 academic year.
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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 approximately $350 billion of real estate in approximately 260 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 $34 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. To learn more, visit https://www.greystar.com.
Contact Info
Todd Usher
todd.usher@greystar.com
+1 703-966-4415
