By Jondi Gumz
A team led by Greystar, a 31-year-old global rental housing company with nearly 1 million multifamily units and student beds (including four in Santa Cruz) will build the first student housing at Cabrillo College.
On Nov. 1, Cabrillo’s board of trustees voted 5-0 to award the project to Greystar, and the student trustee concurred.
The proposed site today.
The 624-bed complex is a joint project with UC Santa Cruz, 60% of beds for Cabrillo students and 40% of beds for UCSC students, with a childcare facility for residents.
The multi-story buildings, estimated to cost $124 million to build, will be located in a soccer field off Cabrillo College Drive.
Cabrillo College partnered with Jones Lang Lasalle, a global real estate services company, to prepare a request for proposals for a developer to design, build, finance, operate and maintain the student housing.
The board also approved Collegiate Housing Foundation to work with the college as part of a public-private partnership to oversee the construction and operate the housing site.
Greystar was founded in 1993 by Bob Faith, who was named Multifamily Executive of the Year in 2017 by Commercial Property Executive & Multi-Housing News and No. 6 in the 2024 Power 100 by the Commercial Observer.
Greystar remains privately owned and is the largest operator of apartments in the U.S.
In Santa Cruz, it owns Cypress Point, Five55, The Hilltop, and the Landing in Capitola Apartments, and more in Monterey, Marina and Seaside.
The Greystar team includes WRNS Studio (architect), Devcon Construction (general contractor), and Raymond James (underwriter).
Proposed Early Design Rendering – Aerial (Work in Progress) • Developed by Greystar
The Greystar timeline proposes to break ground in fall 2025, with construction being completed in fall 2027, the best-case scenario for Cabrillo and UCSC students to move in at the start of fall semester and quarter, respectively.
“I’m proud of the work that was done, and I am very excited to see the renderings and move to the next phase of the project,” said Dr. Matt Wetstein, Cabrillo College president and superintendent. “This student housing project will greatly benefit our students, 20% of whom are housing insecure, and will help alleviate the housing crisis in our local community.”
Preliminary renderings show five-story buildings next to a lighted promenade, with an outdoor gathering space and a rooftop garden. The final design is to be completed in the next eight months.
“We are thrilled to see this student housing project advancing to the next phase,” said UC Santa Cruz Chancellor Cynthia Larive. “It will provide essential, affordable housing for our students and Cabrillo students. The project will also strengthen the transfer pathway between our institutions, giving students the opportunity to start at Cabrillo, then finish with a bachelor’s degree from UC Santa Cruz, all while living in the same housing. That is both unique and extremely beneficial.”
Addendums to Cabrillo’s 1999 Environmental Impact Report, presented to trustees on Nov. 4, found no substantial impacts and no mitigation actions needed.
The joint student housing project, a first for California’s public universities, landed a $111 million state grant and attracted big names in real estate.
Greystar competed against Servitas, a nationwide student housing development and management company with 15 years’ experience, Balfour Beatty Campus Solutions, recently chosen for a $240 million student housing complex at William and Mary College, and The Michaels Organization, the nation’s largest owner of affordable housing.
The Evaluation Committee: Cabrillo College • President • Interim Vice President of Administrative Services • Dean of Student Services • Director, Facilities Planning and Plant Operations UCSC • Director, Real Estate and Contract Services.
To receive the grant from SB 169, students must rent at or below 30% of 50% area median income (about $1,046 per bed in 2024) and rent increases are limited.
To qualify to live here, Cabrillo students must be enrolled full time and be considered low income.
Cabrillo College staff expect this project help alleviate the affordable housing crisis in Santa Cruz County.