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Student Housing

AcquisitionsIndianaMidwestMultifamilyStudent Housing

Champion Real Estate Purchases 290-Bed Student Housing Community Near Purdue University

by Kristin Harlow

WEST LAFAYETTE, IND. — Champion Real Estate Co. has acquired Salisbury Campus Apartments in West Lafayette near Purdue University for an undisclosed price. The student housing community, which totals 85 units and 290 beds, will be rebranded as Victory on Salisbury. Champion now owns and operates 15 student housing communities totaling more than 4,300 beds at eight universities. Champion Salisbury LLC, a subsidiary of Champion, will begin renovations to the property once the current master lease with Purdue University expires in 2025. The community will receive new paint, vinyl plank flooring, cabinetry, quartz countertops, stainless steel appliances and modern fixtures. The asset will be leased by the bedroom and all bedrooms will be fully furnished. Scott Clifton, Teddy Leatherman, Kevin Kazlow, Jack Goldberger and Grace Picchiotti of JLL represented both Champion and the seller, Muinzer. Jeff Sause, Brian Halpern, Josh Blank and Ellie Conway of JLL arranged acquisition financing through a nonrecourse bridge lender on behalf of Champion.

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DevelopmentFloridaSoutheastStudent Housing

Toll Brothers, CanAm Capital Complete 1,086-Bed Student Housing Community Near Florida International University

by John Nelson

MIAMI — A joint venture between Toll Brothers Campus Living and CanAm Capital Partners has completed Lapis, a 1,086-bed student housing development located adjacent to the Florida International University campus in Miami. The 20-story community spans more than 763,500 square feet and offers units in one-, two-, three-, four- and five-bedroom configurations. Shared amenities include a club room, indoor/outdoor fitness center, saltwater swimming pool, coffee bar, private study and group meeting rooms and a rooftop amenity deck with a Jumbotron and grilling stations. The design team for the development included Mary Cook Associates and Humphreys & Partners Architects. The community welcomed first residents in fall 2023.

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AcquisitionsGeorgiaSoutheastStudent Housing

University Partners Acquires 370-Bed Student Housing Community Near University of Georgia

by John Nelson

ATHENS, GA. — University Partners has acquired The William, a 370-bed student housing community located adjacent to the University of Georgia campus in Athens. The property was developed in 2022 and offers studio, one-, two-, three- and four-bedroom units with bed-to-bath parity. Shared amenities include a rooftop swimming pool, patio and lounge space, fitness center, collaborative study spaces and a private outdoor courtyard. Ryan Lang, Jack Brett, Ben Harkrider, Ben Roelke, Trent Houchin and Ian Walker of Newmark arranged both the sale and acquisition financing on behalf of University Partners. The seller and terms of the transaction were not disclosed.

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DevelopmentGeorgiaSoutheastStudent Housing

Rael Development Breaks Ground on 694-Bed Student Housing Development Near Georgia Southern University

by John Nelson

STATESBORO, GA. — Rael Development Corp. has broken ground on Charme on Georgia Ave., a 694-bed student housing project located near the Georgia Southern University campus in Statesboro. The mid-rise development will offer 291 units in studio, one-, two- and four-bedroom configurations. Shared amenities will include a rooftop, resort-style swimming pool, fitness center, café, study/library space, billiards and gaming areas. The community is scheduled for completion in fall 2025.

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DevelopmentFloridaSoutheastStudent Housing

Florida Polytechnic, Capstone Begin Construction on 430-Bed Residence Hall Project in Lakeland, Florida

by John Nelson

LAKELAND, FLA. — A public-private partnership between Florida Polytechnic University and Capstone Development Partners has begun construction on a 430-bed residence hall project in Lakeland. A topping out ceremony for the project was held in mid-February. The 137,000-square-foot development will offer one-, two- and four-bedroom units, alongside shared amenities including lounge and study space, a large multi-purpose room, offices and an interior courtyard. Delivery of the five-story project is expected for fall 2024. The $42 million development is being financed through tax-exempt public bonds issued by the State of Florida on behalf of the State University System. Capstone Management Partners will provide operations and maintenance services for the residence hall. The project’s design-build team includes Design Collective and Clancy & Theys.

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ArizonaDevelopmentMultifamilyStudent HousingTop StoriesWestern

Aptitude Development Breaks Ground on 485-Bed Student Housing Project Near Arizona State University

by Jeff Shaw

TEMPE, ARIZ. — Aptitude Development has broken ground on The Marshall Tempe, a 485-bed student housing community near the Arizona State University (ASU) campus in Tempe.  Situated at 1031 E. Apache Blvd. in the University Heights neighborhood, The Marshall Tempe is located approximately 1.3 miles from the university’s registrar office, 1.5 miles from the ASU Art Museum and one mile from the Sun Devil campus store. The Marshall Tempe is slated for completion prior to the fall 2026 semester. Planned amenities include a pool, cold plunge, sauna, study lounges and fitness center. BKV Associates designed the community. CHA Consulting is providing engineering services. Aptitude Development was founded in 2014 and is based in Elmwood Park, New Jersey. The Marshall Tempe will be the company’s 10th ground-up development. ASU had its largest enrollment class ever in 2023, with more than 144,000 students between online and in-person classes across all its campuses. In-person enrollment broke 80,000 students for the first time in the school’s history. — Channing Hamilton

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DevelopmentMarylandMixed-UseSoutheastStudent Housing

LV Collective to Develop 299-Unit Student Housing Project Near University of Maryland

by John Nelson

COLLEGE PARK, MD. — LV Collective has announced plans to develop a 299-unit student housing development at 8133 Baltimore Ave. near the University of Maryland campus in the Lakeland neighborhood of College Park. The property is set to include 13,000 square feet of retail space, alongside a ground-level coffee shop and second-floor coworking space. The project will also feature a community center developed in collaboration with the Lakeland Civic Association and the Lakeland Community Heritage Project. The space will include a library and large flexible space for functions including presentations, art galleries and gatherings. The development team for the project, which is scheduled for completion in fall 2027, includes WDG Architecture, Bohler Engineering, John Moriarty & Associates and US-EcoLogic. Further details on the community were not disclosed. The development is LV Collective’s first in the state of Maryland.

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CaliforniaDevelopmentMultifamilyStudent HousingTop StoriesWestern

Landmark Properties Breaks Ground on 1,284-Bed The Standard at Los Angeles Student Housing Community Near USC

by Kristin Harlow

LOS ANGELES — Landmark Properties has broken ground on The Standard at Los Angeles, a 1,284-bed student housing community located a few blocks south of the University of Southern California (USC) campus. The mid-rise apartment building will include the construction of 1,236 beds across 429 units, as well as the renovation of five existing townhomes that will comprise 48 beds. Landmark Construction, the in-house general contractor for Landmark Properties, is managing construction. HED designed the project. The property is slated to open in August 2026. Situated at the east side of the 160-acre Exposition Park, The Standard at Los Angeles will include a mix of floor plans ranging from studios to five-bedroom units. Residences will be fully wired for high-speed internet. Landmark says the amenity package at The Standard at Los Angeles will be one of the largest by square footage within its portfolio. Residents will have access to more than 60,000 square feet of indoor and outdoor amenity spaces. The rooftop will include a resort-style pool with a sun deck, Jumbotron and outdoor grilling stations. The clubhouse spaces will be anchored by a rooftop clubroom adjoining the 24-hour fitness center. Students will have access to multiple study lounges as …

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Annex-Memphis
FeaturesStudent Housing

Economic Environment, High Tenant Demand Spur Increase in Public-Private Student Housing Projects

by Katie Sloan

In a way, the dynamics of public-private partnerships (P3s) are the same as they’ve always been.  “The reasons why universities elect to go the P3 route haven’t changed much,” says Michael Baird, managing director of municipal finance for RBC Capital Markets. “For many, the decision is made based on speed to market. This happens when other alternatives can take years — resulting in an opportunity cost of not being able to provide housing to students that need housing now, in addition to increased development expenses as construction costs continue to increase year over year.” These costs — both the ones saved and the ones incurred by the university — have become increasingly important in today’s economic climate. The cost of construction materials has increased by an average of 19 percent since 2020, notes facility and construction insights provider Gordian. Meanwhile, the annual student housing rent at purpose-built communities rose by an average of 8.8 percent between November 2022 and May 2023, according to RealPage.  Construction costs make it easy to see why it’s more difficult to get projects to pencil right now…and increasing demand shows why it’s more important than ever to get them off the ground.  Jay Pearlman, senior vice president …

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CaliforniaCivicDevelopmentMixed-UseStudent HousingTop StoriesWestern

Greystar Delivers $282M Student Housing Development at UC Law in Downtown San Francisco

by John Nelson

SAN FRANCISCO — Real estate development firm Greystar has delivered Academe at 198, a $282 million student housing property in downtown San Francisco. Located at 198 McAllister St. in the city’s Civic Center district, the mixed-use property is Phase I of the Academic Village expansion at UC Law San Francisco, formerly known as UC Hastings College of the Law. Academe at 198 spans 14 stories and features 656 units (667 beds) for students at UC Law SF, as well as faculty and staff. The property website also says students from nearby University of California San Francisco, San Francisco State University, University of San Francisco and University of the Pacific Dugoni School of Dentistry can apply for housing. The units come in a variety of layouts: efficiency (232 square feet); studio (275 square feet); one-bedroom (397 square feet); and two-bedroom (568 square feet). Monthly rental rates begin at $1,850 for an efficiency apartment, which is below market rates, according to the property website. In addition to housing, the 365,000-square-foot property includes 43,000 square feet of office and academic space that is leased and operated by UC Law, including an incubator space for start-up tech firms that doubles as event space called LexLab. …

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