Greystar Acquires 265-Bed Cork Student Housing Property From Elkstone Real Estate for €33 Million

Greystar has acquired Copley Court, a 265-bed purpose-built student accommodation (PBSA) property in Cork, from Elkstone Real Estate for approximately €33 million, the company announced Aug. 25. The transaction, executed on behalf of Greystar Equity Partners Europe II (GEPE II), the firm's recently closed pan-European value-add residential fund, brings Greystar's Irish PBSA portfolio to 2,171 beds and positions the company as one of the largest PBSA operators in Ireland.

Deal Terms and Property Details

Copley Court is located at 9–10 Copley Street in Cork's south city centre, close to City Hall and approximately 3 kilometers from University College Cork. The property also sits near Cork College of Commerce and CIT Cork School of Music. At a purchase price of €33 million for 265 beds, the transaction values the asset at roughly €124,500 per bed.

Originally built in 2005, the property was acquired by Elkstone Real Estate in February 2018 and underwent a €25 million redevelopment that more than doubled its bed count from approximately 137 to 265. The upgraded scheme relaunched in 2019 and has operated at or near full occupancy since. In addition to strong academic-year letting, the property benefits from an established summer letting programme. Amenities include a gym, private and group study spaces, and a student lounge and games area.

The transaction was funded through GEPE II, which secured more than €2.7 billion in commitments and provides over €6.8 billion of investment capacity to support acquisitions and development across European residential markets, including Ireland.

Greystar's Expanding Irish Portfolio

Copley Court is Greystar's fourth major PBSA investment in Ireland. The firm previously acquired Point Campus in Dublin in 2024 and the 724-bed Project Galaxy portfolio, spanning Dublin and Galway, the year prior. Together, the five properties — spanning Dublin, Galway, and Cork — establish a nationwide portfolio of 2,171 student beds. Greystar's Irish holdings also include build-to-rent assets across those three cities.

Following the acquisition, Copley Court will operate under Canvas Student, Greystar's pan-European student accommodation brand, which spans seven countries across Europe.

Executive Commentary

Claire Solon, Managing Director – Ireland at Greystar, said the acquisition reflects the capital now available through GEPE II and the firm's continued confidence in the Irish PBSA and build-to-rent sectors.

"Copley Court is a strong addition to our Irish student accommodation platform, and a clear signal of the capital we now have available to deploy following the final close of GEPE II," Solon said. "Cork continues to see rising demand for high quality, well-managed student housing, and this acquisition reflects our confidence in the city's long-term fundamentals."

Solon added that Greystar looks forward to working with the local on-site team to maintain service standards and build on the asset's summer letting programme.

Cork's PBSA Market Context

Cork is one of Ireland's largest markets by student numbers, alongside Dublin and Galway, and remains one of only a small number of Irish counties to have recorded growth in PBSA bed stock over the past year. Structural undersupply against growing student demand has continued to underpin institutional investment in the sector. The city's third-level institutions, including University College Cork, generate sustained demand for purpose-built student housing in the urban core.

Copley Court's location in the south city centre, combined with its near-full occupancy track record and flexible summer letting model, reflects the operational profile that has attracted institutional capital to Irish PBSA assets in recent years.

Sources: Greystar Newsroom