BIRMINGHAM, ALA. — Birmingham-based Capstone Development Partners has opened five on-campus student housing communities totaling 3,000 beds, including two in California and one in Seattle.
Development costs reached $350 million, $150 million of which was financed using private equity, with the remaining $200 million financed through a 501(c)3 nonprofit owner or a university using tax-exempt debt.
Properties include Montage on College at San Diego State University in San Diego; Calaveras Hall at the University of the Pacific in Stockton, Calif.; Vi Hilbert Hall at Seattle University in Seattle; The Village Phase 2 at The University of South Florida in Tampa, Fla.; and the University of Massachusetts Boston Residence Hall and Dining Center in Boston.
Montage on College at San Diego State University was built through a ground lease with the San Diego State University Real Estate Foundation. The property offers more than 300 beds of apartment-style housing. Community amenities include a resort-style spa, barbecue area, outdoor lounge and fire pit, community kitchen, fitness center, gaming and media room, and various study spaces. Capstone Development Partners’ management entity, Capstone Management Partners, operates the property.
Calaveras Hall at the University of the Pacific offers 380 beds tailored to upper-level students. Shared amenities include a community kitchen, indoor and outdoor lounges, various study areas, fitness room, outdoor fire pit and swimming pool.
Vi Hilbert Hall at Seattle University offers 300 beds of upper-level, apartment-style housing. The property is also home to the university’s admissions and enrollment services office and connects directly to the university bookstore. Shared amenities include a 10th-floor community lounge, 75-person seminar room, second-floor student lounge and individual floor lounges.
Phase II of development at the University of South Florida completed the Village, a 2,171-bed mixed-use community serving primarily first-year students. The second phase included 1,300 beds in three residential buildings. Community amenities include retail space leased to Starbucks Coffee and Burger Fi; living-learning and activity spaces; classrooms; study rooms; and community kitchens.
The University of Massachusetts Boston Residence Hall and Dining Center offers 1,077 beds for first-year and transfer students, with a new 500-seat dining center on the ground floor. Community amenities include community kitchens, gaming and television lounges, study lounges, a 24-hour multipurpose conference room, and seminar and tutoring rooms.