Student Housing

Student Housing Internet Providers Hustle to Upgrade Capabilities During Pandemic, Says NMHC/InterFace Panel

by Alex Tostado October 30, 2020

One of the biggest challenges during the COVID-19 pandemic for student housing internet providers has been upgrading their bandwidth capabilities to ensure that all students in a community have reliable and fast connections. The proliferation of video calling between students and professors during the pandemic has been a major driver of this hustle to upgrade connectivity services. The number of megabits per second needed for a Zoom call is something that today’s networks can handle, according to Daniel Myers, president and founder of DojoNetworks and a speaker at the NMHC/InterFace Student Housing Conference. The National Multifamily Housing Council (NMHC) and InterFace Conference Group co-hosted the virtual event, which took place from Oct. 19 to 22. The organizations’ physical events normally take place in April (InterFace Student Housing) and October (NMHC Student Housing). One problem that the panelists of the Internet Connectivity and Technology panel spoke about was hosting multiple students on the same network simultaneously. A Zoom call requires two-and-a-half megabits per second to upstream (when the video is input) and downstream (when the video is distributed), according to Myers. “If you have five students on a call and they only have eight or 10 megabits upstream, then they’re stuck …

October 30, 2020

Acquisitions Illinois Midwest Multifamily Student Housing

GMH Capital, AGC Equity Acquire The Dean Student Housing Asset in Champaign, Illinois

by Kristin Harlow October 29, 2020

CHAMPAIGN, ILL. — GMH Capital Partners LP and AGC Equity Partners have acquired The Dean, a 672-bed student housing property in Champaign, for an undisclosed price. The seller, Core Spaces, completed development of the property this past summer. Spanning 240,737 square feet and rising 17 stories, The Dean is an off-campus community serving the University of Illinois-Urbana Champaign campus. Its ground-floor retail space houses Target and Jimmy John’s. Units average 683 square feet and contain private bathrooms and modern finishes. Amenities include a fitness center, rooftop sundeck, pool, hot tub, outdoor lounge and multiple study areas. Monthly rents start at $695 for shared units.

October 29, 2020

Features Multifamily Student Housing

Despite High Materials Costs, Student Housing Builders Don’t See Slowdown, Says NMHC/InterFace Panel

by Kristin Harlow October 27, 2020

One of the most pressing issues for general contractors today is the high cost of lumber. In the past five months, the cost of lumber has increased nearly 100 percent on projects, according to Justin Walker, president of Construction Enterprises Inc. Luckily, his firm had locked in the cost of materials prior to the pandemic on all but one of its current projects. Walker’s comments came during the Construction Market Update at the 2020 NMHC/InterFace Student Housing Conference. Joining Walker on the panel were David Mellema, director of preconstruction for The Weitz Co.; and Mark Knott, vice president with Project Management Advisors Inc. Brent Little, president of Fountain Residential Partners, moderated the discussion. The National Multifamily Council (NMHC) and InterFace Conference Group co-hosted the virtual conference, which took place Oct. 19 to 22. When the COVID-19 pandemic hit, the lumber mills had to take a step back with their production and close some plants, said Walker. “The construction industry, housing market and multifamily market never slowed down, but the actual production of the mills did.” The producer price index (PPI) for inputs to construction — a measure of both goods and services used in every type of construction — increased …

October 27, 2020

Conference Coverage Features Student Housing

COVID-19 Crisis Brings Student Housing Industry Closer Together, Say Operators at NMHC-InterFace Event

by John Nelson October 23, 2020

Author John C. Maxwell coined the phrase “Teamwork makes the dream work,” and student housing operators are experiencing that truism firsthand as they deal with the nightmare scenario of the pandemic and its ripple effects. Closed campuses, virtual learning, COVID-19 outbreak concerns and an uncertain leasing season next spring are all challenges that property managers are tackling in real time. Ironically, industry professionals say that the pandemic may actually be a net positive in the long run as it has forged colleagues closer to one another. Demi Sterling-Kinney, vice president of operations at Aspen Heights Partners, a student housing owner and operator based in Austin, said that she met with her property managers more during the pandemic than she would in a normal year. “I feel like the shakeup was good; It was painful in the moment, but overnight it seemed like we were at war and we were all coming at it together,” said Sterling-Kinney. “It felt like everyone came together to be one team.” Sterling-Kinney’s comments were made during the Leasing & Marketing Spotlight panel at the 2020 NMHC/InterFace Student Housing Conference, a joint production between the National Multifamily Housing Council, France Media’s InterFace Conference Group and Student …

October 23, 2020

Acquisitions Florida Multifamily Southeast Student Housing

Preiss, Crow Holdings Acquire 752-Bed Student Housing Community Near Florida State University

by Alex Tostado October 22, 2020

TALLAHASSEE, FLA. — A joint venture between The Preiss Co. and a private equity fund advised by Crow Holdings Capital has acquired Quantum on West Call, a 752-bed student housing community located near Florida State University in Tallahassee. The property offers one-, two-, three- and four-bedroom, fully furnished units with bed-to-bath parity. Communal amenities include a 24-hour fitness center, pool, yoga center, clubhouse, theater, cyber lounge, individual study nooks, group study spaces and a sundeck with hammocks and grilling stations. The new ownership plans to begin renovations on half of the 225 units to upgrade vinyl plank flooring in the common areas and improve internet connectivity. Terms of the transaction and the seller were not disclosed.

October 22, 2020

Conference Coverage Features Multifamily Student Housing

NMHC/InterFace Panel: Why an Aggressive Approach to Student Housing Development is Warranted

by Taylor Williams October 22, 2020

By Taylor Williams Student housing developers say now is a favorable time to aggressively pursue new projects as their customers voice a strong desire to resume on-campus learning, and they are using lessons learned over the past six months to bring debt and equity partners to the table in order to jump-start deals. Whereas demand drivers for new development in the traditional multifamily space typically center on job and population growth, the student housing sector often responds to different economic and social factors. In the COVID-19 era, these fundamentals are manifesting themselves in unusual ways, such as with empirical data suggesting students overwhelmingly want to return to campus. A survey of 800 college students conducted earlier this year by Axios and College Reaction found that 75 percent would prefer to return to campus, even if it meant giving up parties and sporting events. Developers also point to several positive indicators, including moves by prominent universities to reduce density on campus without compromising enrollment, the inclusion of parental co-signors on new leases and the simple fact that occupancy in the space is not linked to unemployment. With regard to concerns over diminished enrollment, developers are encouraged by the fact that some …

October 22, 2020

Development Maryland Multifamily Southeast Student Housing

Gilbane Starts Construction of 978-Bed Student Housing Complex Near University of Maryland

by Alex Tostado October 21, 2020

COLLEGE PARK, MD. — Gilbane Development Co. has started construction on Tempo, a 978-bed student housing complex near the University of Maryland in College Park. The community will comprise 296 units with studio to five-bedroom floor plans. Units will be fully furnished and will feature stainless steel appliances, granite countertops, washers and dryers, walk-in closets and flat-screen TVs. Communal amenities will include study lounges, a fire pit, clubhouse, pool, sundeck, fitness center, multisport simulator and a computer lab. The two-acre site will be situated at 8430 Baltimore Ave., less than one mile from campus. Providence, R.I.-based Gilbane Development expects to deliver the asset in August 2022. Gilbane Development is the project development, financing and ownership arm of Gilbane Inc., a private holding company.

October 21, 2020

Conference Coverage Features Student Housing

COVID-19 Was ‘Black Swan’ Event for Student Housing, But Outlook Is Promising, Says NMHC/InterFace Panelist

by Katie Sloan October 20, 2020

Over the course of the past six months, the student housing industry has grappled with a variety of challenges. For colleges and universities, the largest hurdle heading into the fall semester was deciding the safest route to take for reopening campus. This included decisions on everything from whether or not in-person learning would be allowed, to whether students would be welcomed back into residence halls at normal volumes. These questions was deliberated over throughout the summer, sending a ripple effect through the industry as transactional volume slowed while investors waited to see how universities would proceed. As we move toward the close of October, universities have selected their path forward, and while these choices haven’t been set in stone due to the changing nature of the coronavirus, the industry is now able to get a better view of the pandemic’s impact on the fall semester and the outlook moving forward. Leaders in market analytics and multifamily research sat down for an early afternoon panel yesterday at the NMHC/InterFace Student Housing Conference to provide a comprehensive update on the economy at large with a focus on the student housing sector. Economic Update “COVID-19 ended almost an 11-year expansion period for the …

October 20, 2020

Acquisitions Multifamily Southeast Student Housing Tennessee

CREI Acquires 648-Bed Student Housing Community Near Middle Tennessee State University

by Alex Tostado October 13, 2020

MURFREESBORO, TENN. — Capstone Real Estate Investments (CREI) has acquired Student Quarters – Rutherford, a 648-bed student housing community located near Middle Tennessee State University in Murfreesboro. The property — newly rebranded Landmark Apartments — is set to undergo renovations, including a revision of the current unit mix and improvements to security and management services. Landmark Apartments currently offers two-, three- and four-bedroom units alongside shared amenities including a computer lab, fitness center, clubhouse, business center, social room, dog park, swimming pool, hot tub, grilling stations and a sand volleyball court.

October 13, 2020

Colorado Development Multifamily Student Housing Western

University of Colorado Denver Tops Out 555-Bed Residence Hall

by Amy Works October 9, 2020

DENVER — The University of Colorado Denver has celebrated the topping out of its City Heights Residence Hall and Learning Commons development. The 182,000-square-foot residence hall — which will be the university’s first on-campus student housing complex — will offer 555 beds upon completion. The seven-story project is designed for first-year students and will feature two wings of residential units, a central campus dining hall on the ground floor and a 30,000-square-foot student services center. Named “The Learning Commons,” the student services center will also offer academic support and tutoring, faculty development programs and an expanded space to support online education. The development is scheduled for completion in August 2021 and is pursuing a LEED Gold certification. The project is being delivered by a design-build team that includes general contractor JE Dunn and Stantec. Stantec is providing architecture, landscape architecture, interior design, lighting and sustainability services on the development.

October 9, 2020

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