Student Housing

North-District-Phase-2-UCR-Riverside-CA

RIVERSIDE, CALIF. — McCarthy Building Cos. has broken ground on the $285 million North District Phase II student housing development at University of California, Riverside (UCR). The intersegmental projects, one of the first of its kind in California, will house students from UCR and Riverside Community College District (RCCD). The 424,000-square-foot project will feature 429 single- and double-occupancy apartment-style units ranging from one to four bedrooms complete with kitchen/living room spaces, high-speed Wi-Fi, air conditioning and designated study areas. Additionally, the community will feature a café/market, recreation fields and a central park. The project has received funding through the State Higher Education Student Housing Grant Program to provide affordable beds for UCR and RCCD students, bringing the total number of beds to 1,568. The first students are expected to move-in in 2025.

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WINSTON-SALEM, N.C. — Stratus Development Group has broken ground on The Haven at Wake, a 153-bed student housing development located near the Wake Forest University campus in Winston-Salem. The community will offer a mix of two-, three- and four-bedroom units with bed-to-bath parity. Located at 450 Polo Road, the project is a half-mile from the Wake Forest campus. Shared amenities will include parking, a swimming pool and sundeck, clubhouse, study rooms, fitness facilities, community green space and a dog park. A timeline for the project was not announced.

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MURFREESBORO, TENN. — Capstone Real Estate Investment has sold Landmark Apartments, a 264-unit community located near the Middle Tennessee State University campus in Murfreesboro. The property was acquired as a student housing project by the company in 2020 and underwent significant renovations, including the transformation of the community into traditional multifamily. Landmark Apartments offers one-, two- and three-bedroom units. The buyer in the transaction was not disclosed.

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TAMPA, FLA. — A joint venture between CBRE Investment Management and GMH Communities has announced plans to begin renovations at Venue at North Campus, a 734-bed student housing community located near the University of South Florida in Tampa. The duo purchased the property in October. Dallas-based Premier will spearhead the renovations, which are expected to begin early next year. Enhancements to the property will include the addition of new appliances, countertops, cabinets, furniture, paint and fixtures; refreshments to the pool area; the addition of a jumbotron; updates to the community’s dog park; and the integration of a dedicated space for food truck dining near the property’s convenience store. The community offers a mix of studio, two-, four- and five-bedroom units. Shared amenities include a resort-style swimming pool, fitness centers, grilling stations under a pergola, individual and group study areas and an internet cafe.

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CHAMPAIGN, ILL. — BWE has arranged a $10 million preferred equity investment to finance the acquisition of a portfolio of student housing properties near the University of Illinois Urbana-Champaign. The portfolio includes 616 beds across 170 units. Mike Guterman of BWE arranged the financing on behalf of an East Coast-based student housing owner and operator. The capital stack includes a five-year senior loan with a loan-to-cost ratio of 60 percent from a Midwest regional bank. The seller was a multigenerational ownership group that had held the properties for 100 years. The buyer plans to renovate and redevelop some of the properties.

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ANN ARBOR, MICH. — American Campus Communities (ACC) is underway on the development of a $631 million student housing project at the University of Michigan in Ann Arbor. Plans call for a new residential community with five residence halls totaling 2,300 beds and a 900-seat dining facility, the largest of its kind among academic institutions, according to ACC. The university engaged ACC in a public-private partnership to lead the development of the project, which is situated on Central Campus between East Hoover Avenue and Hill Street. RAMSA is serving as the architect of record and Elkus Manfredi Architects is the interior architect. According to ACC, the development signifies the first Central Campus residence halls built specifically for first-year students since 1963 and will significantly alleviate a decades-long shortage of on-campus housing. “This important new student residential community allows all first-year students who want to live on the University of Michigan Central Campus to do so,” says Graham Wyatt, partner at RAMSA. “It will provide affordable and uniquely appropriate residential communities and amenities for the first- and second-year students who live there, and it will create a crucial link between Central Campus and the Athletic Campus.” To make way for the …

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Haven-at-Elgin-Houston

HOUSTON — Ascendant Development has completed Haven at Elgin, a 649-bed student housing project that serves students at the University of Houston. The 16-story building sits on a 1.3-acre site that is adjacent to campus. Units range in size from 497 to 1,985 square feet and are furnished with vinyl plank flooring, granite countertops, kitchen backsplashes, and stainless steel appliances. Amenities include study rooms on every floor, a fitness center with yoga and spin studios, outdoor kitchen space and a resort-style saltwater pool.

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2655-The-Alameda-Santa-Clara-CA

SANTA CLARA, CALIF. — Kapital Partners has announced plans for a 39-unit student housing development located at 2655 The Alameda near the Santa Clara University campus in California. The property will also feature 1,500 square feet of retail space on the first floor. Shared amenities at the community will include a barbecue, ping pong tables and picnic tables for residents. Construction is scheduled to begin in 2024 with completion scheduled for 2025. 

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MADISON, WIS. — CRG has topped out Chapter at Madison, a 534-bed student housing community rising 10 stories near the University of Wisconsin-Madison. The property is nearly two-thirds preleased ahead of its completion date, which is slated for September 2024. Located at 802 Regent St. within the historic Greenbush neighborhood, Chapter at Madison will feature 165 units in a mix of studio, one-, two-, three-, four- and five-bedroom floor plans ranging from 395 to 1,633 square feet. Monthly rental rates per bed will range from $999 to $1,859. Amenities will include a fitness center, yoga studio, rooftop terrace, underground parking garage and private study spaces. The development will also house 2,200 square feet of ground-floor commercial space. Lamar Johnson Collaborative is the architect, and Madison-based Findorff is the general contractor.

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Bldg22-23-CSUN-Northridge-CA

NORTHRIDGE, CALIF. — C.W. Driver Cos. has started construction on a 198-bed student housing property at California State University, Northridge in the San Fernando Valley. Once completed for opening in fall 2025, the $55.7 million project will add two four-story buildings to the 365-acre campus. Located at 17950 Lassen St., Buildings No. 22 and No. 23 will total 60,290 square feet, of which 30,000 square feet will be housing space. The residential floors of each building will include dual-occupancy student rooms, with four students sharing each bathroom, and one suite-style living room per floor. Additionally, each building will have its own central elevator, building services and secure access. The non-residential floors will feature modern amenities and services, with Building No. 22 offering a student community space, study rooms and an expansive multi-purpose room, and Building No. 23 housing administrative offices and mail hub. A.C. Martin Partners is serving as architect for the project.

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