Student Housing

Priced Out: Adding Affordable Units to Student Housing

by Katie Sloan August 6, 2019

Student loan figures indicate a growing affordability problem in higher education. The Federal Reserve reports that student loan debt in the United States is almost $1.6 trillion today, with 42 percent of people who attended college — which represents 30 percent of all adults — incurring at least some debt from their education. With a focus on technology-based degree programs, the cost to attend college is rising. But it’s not just tuition that’s going up. According to College Board, the cost of housing exceeds the cost of tuition at four-year, public universities. For the 2017-2018 academic year, students paid an average of $9,970 for in-state tuition while room and board ran $10,800. “There’s a real need to get to the middle of the market and to build quality housing that students can afford,” says Joe Coyle, president of Michaels Student Living. Michaels Student Living is a specialized area of expertise within The Michaels Organization, a leading affordable housing developer in the United States. “Housing is a big part of what contributes to the high cost of attending college. We have to work together to find ways to mitigate this. It’s going to become more and more important.” While the student …

August 6, 2019

The Pier at CCU is located near Coastal Carolina University.

Features Multifamily Student Housing

Is Pedestrian-to-Campus Still the Future of Student Housing Development?

by Jeff Shaw August 1, 2019

One of the most crucial questions in today’s student housing development market is the question of location. A number of prominent companies have made the ability to be walkable to campus a big issue when it comes to a property’s resale value. Other developers, meanwhile, eschew walkable locations in favor of value for tenants. For a time, a big industry trend was amenity-laced properties located a few miles from campus, selling a lifestyle, and typically an oversized pool, in exchange for a slightly longer campus commute. More recently, a countertrend has emerged, with builders catering to students looking to walk across the street to class. “Beachfront property” is often the preferred term for developers of this mindset. Is close proximity still the dominant trend? A group of student housing developers and architects debated the topic during a panel discussion at the 11th annual InterFace Student Housing conference, held in April in Austin, Texas. David Senden, principal of KTGY Group Architecture + Planning, served as moderator and opened with a simple question: What exactly is urban infill, and what is cottage product? Todd Gaines, vice president of development at Austin-based Aspen Heights Partners, answered that his definition of urban infill is …

August 1, 2019

Lehigh-University-Bethlehem-Pennsylvania

Acquisitions Multifamily Northeast Pennsylvania Student Housing

Rittenhouse Realty Brokers $21.4 Million Sale of Student Housing Portfolio in Bethlehem, Pennsylvania

by Alex Patton July 30, 2019

BETHLEHEM, PA. — Rittenhouse Realty Advisors has brokered the $21.4 million sale of a student housing portfolio located near Lehigh University in Bethlehem, a town near the eastern border of Pennsylvania. The portfolio consists of 44 properties totaling 219 beds. The buyer in the transaction was an undisclosed family office new to the student housing market. The seller was also undisclosed.

July 30, 2019

Acquisitions Development Illinois Midwest New York Northeast Student Housing Top Stories

Core Spaces Aligns with Goldman Sachs in $600M Student Housing Deal

by John Nelson July 30, 2019

CHICAGO AND NEW YORK CITY — Student housing developer Core Spaces has entered into a partnership with Goldman Sachs (NYSE: GS) to recapitalize nine of its properties in a deal valued at $600 million. The national portfolio consists of seven operating student housing properties and two projects under development, totaling 4,358 beds. The Wall Street Journal reports that Goldman Sachs will likely utilize its newly launched, $2.5 billion real estate investment fund for the Core student housing portfolio. The newspaper reports that the New York-based financial giant has purchased more than $30 billion in real estate since 2012 mostly using its own capital. Core will keep a small ownership percentage in the portfolio and keep the assets under its management. The deal is a strategic decision by the Chicago-based firm to aggregate its portfolio with an institutional investor and retain an interest in its developed properties for the long haul, says Core’s founder and CEO, Marc Lifshin. “We believe in the long-term performance of our assets,” he says. “Our assets have proven to perform over time. We would rather be involved for the growth period. It creates a much more sustainable model for us going forward.” The operating properties that …

July 30, 2019

Acquisitions Arizona Multifamily Student Housing Western

Berkadia Arranges $22 Million Acquisition Financing for 164-Unit Student Housing Community Near Arizona State

by Amy Works July 24, 2019

TEMPE, ARIZ. — Berkadia has arranged $22 million in acquisition financing for MarQ at 1st, a 164-unit community located one mile northwest of the Arizona State University campus in Tempe. Scott Holland and Jeremy Hammill of Berkadia Commercial Mortgage secured the loan through NXT Capital. Terms of the financing and the identity of the borrower were undisclosed. The community offers shared amenities including two swimming pools, a 24-hour fitness center and outdoor picnic and barbecue areas.

July 24, 2019

Development Illinois Midwest Multifamily Student Housing

$100M Academic, Housing Complex Opens at University of Illinois Chicago Campus

by Kristin Harlow July 23, 2019

CHICAGO — A $100 million academic building and residence hall has opened at the University of Illinois at Chicago (UIC) known as the Academic and Residential Complex. The property is home to a two-story, 54,000-square-foot academic building as well as a 10-story residence hall featuring 548 beds. The complex features 16,000 square feet of shared spaces, including study lounges on each floor, a fitness center, laundry facility and 10th-floor sky lounge. A 1,600-square-foot retail area includes a Starbucks. The facility was the result of a public-private partnership with developer American Campus Communities. Most of the financing for the project came from a tax-exempt bond issuance with Collegiate Housing Foundation, a nonprofit organization. Chicago-based SCB Architects designed the facility. Thornton Tomasetti provided structural engineering services.

July 23, 2019

Acquisitions Multifamily South Carolina Southeast Student Housing

Preiss, Crow Holdings Capital Acquire 598-Bed Student Housing Complex Near Clemson University

by Alex Tostado July 11, 2019

CLEMSON, S.C. — The Preiss Co. and a privately held fund advised by Crow Holdings Capital have acquired Aspen Heights Clemson, a 598-bed student housing complex near Clemson University. The buyers have rebranded the property as The Collective at Clemson and are underway on major renovations, including upgrading the clubhouse, study center, flooring, bringing in new furniture and painting the exterior. Other amenities include a swimming pool, hot tub, outdoor fireplaces, volleyball court, basketball court, fitness center and a game room. The property offers two- through five-bedroom floor plans and is located at 673 Old Greenville Highway, two miles north of Clemson University. The seller and sales price were not disclosed.

July 11, 2019

Development Kansas Midwest Multifamily Student Housing

Opus Begins Construction on Three-Story Student Housing Community Near University of Kansas

by Kristin Harlow July 10, 2019

LAWRENCE, KAN. — The Opus Group has begun construction on a new three-story student housing community near the University of Kansas. The project will include 120 units accommodating 312 residents as well as 8,200 square feet of retail space. The development is the first in Lawrence to use the new Smart Code portion of the city’s zoning code, requiring the project to incorporate more civic space and encourage less automobile usage. Residents will be able to take public transportation from a bus stop adjacent to the property. A biking and hiking trail from the property will lead directly to campus. Indoor amenities will include a fitness center, spa, clubroom, game room, podcast booth and study spaces. Outdoor amenities will include a terrace area along 23rd Street in front of the retail space for public use, as well as a pool, fire pits, gas grills and fitness area. The project is a joint venture with The McKinney Fund & Co. Central Bank of St. Louis and Central Bank of the Midwest provided construction financing. Completion is slated for July 2020.

July 10, 2019

Development Massachusetts Multifamily Northeast Student Housing

Fountain Residential, HC2 Break Ground on 150-Unit Student Housing Asset Near UMass Amherst

by Taylor Williams July 8, 2019

SUNDERLAND, MASS. — A partnership between Dallas-based Fountain Residential Partners and HC2 Capital has broken ground on a 150-unit student housing community near the University of Massachusetts Amherst. The property, which will include 38 units of affordable housing for other Sunderland residents, will offer one-, two- and three-bedroom floor plans. Amenities will include an 8,000-square-foot clubhouse with a gym, as well as outdoor gathering spaces. Stuart Roosth Architects designed the project, which is expected to be complete by summer 2020. Western Builders is serving as the general contractor.

July 8, 2019

Development Multifamily North Carolina Southeast Student Housing

Corvias, North Carolina Central University to Develop Mixed-Use Student Housing Project in Durham

by Alex Tostado July 1, 2019

DURHAM, N.C. — North Carolina Central University has chosen Corvias to develop two new student housing facilities totaling 1,247 beds and a 100,230-square-foot student center. The two residence halls will be called Chidley South and George Street. Both are being funded through a public-private partnership between the university and Corvias, and are expected to open in 2020. Vines Architecture is designing the residence halls in conjunction with the public-private partnership. Metcon is the general contractor. The $47 million student center is expected to be complete in 2021. Plans include a 1,750-seat auditorium and a 1,000-seat banquet hall, along with concessions and computer stations. O’Brien Atkins Associates, Duda | Paine Architects and MHTN Architects designed the student center. The general contractors are Balfour Beatty Construction, Holt Brothers Construction and Structure Building Co. Funds for the student center were generated by a $300 annual student fee approved by the student body in 2014.

July 1, 2019

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