University Student Living Receives $575M Construction Financing for UC Davis Student Housing Project
DAVIS, CALIF. — University Student Living LLC has received $575 million in construction financing for a major expansion of the on-campus housing at the University of California, Davis. The project will add approximately 3,300 beds to the university’s West Village. The developer expects to deliver the first 1,000 beds by the start of the 2020 academic year.
The $575 million in project costs will come from the proceeds of a tax-exempt bond issue, the largest ever in the country for a single project, according to the developer.
The new complex, set on 34 acres, will comprise nine four-story apartment buildings along with indoor and outdoor community space and recreational fields. A 10,000-square-foot community building will house a fitness center, multipurpose room and student support services.
The development team includes general contractor CBG Building Co. and architect Stantec. When complete, the new apartment communities at West Village will be owned by the non-profit Collegiate Housing Foundation, which will hold the ground lease from the University of California.
Once the community is operational, the staff and resident life programming will be under the direction of the university, while University Student Living will provide property and facility management.
University Student Living has planned a groundbreaking for early 2019.
University Student Living is the student housing arm of The Michaels Organization, a residential real estate firm with full-service capabilities in development, property management, finance and construction.
— Kristin Hiller