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National developer Greystar and a joint-venture partner have purchased a property near the University of Oregon campus in Eugene to construct a $100 million student housing project.

An existing Travelodge hotel, at 476 E. Broadway, will be demolished to make way for a 12-story, 357-unit multifamily building geared toward students.

Greystar, a Charleston, S.C.-based developer that has a Portland office, and joint-venture partner Star America Infrastructure Partners purchased the hotel property from the lodging operator.

Union on Broadway is the first joint project from Greystar and Star America Infrastructure Partners, and it also the first in Eugene for Greystar.

Portland-based Ankrom Moisan Architects is designing the project, and John Hyland Construction of Springfield will build it.

Demolition will begin later this month. Completion is projected for August 2022, ahead of the start of the 2022-23 school year for UO students.

Doug Burges, director of development for Greystar, said the firm was attracted to rising student enrollment at UO and a series of major redevelopments in Eugene, including the $1 billion Knight Campus for Accelerating Scientific Impact, the Fifth Street Public Market expansion and the riverfront redevelopment led by Williams & Dame.

The 1.1-acre site is within a short walk of campus and also downtown Eugene.

Union on Broadway will offer units with one to four bedrooms. Retail space will occupy the ground floor.