The student housing market is busy, with new communities being developed to appease the college student’s lifestyle.
According to a recent article in Globe St., the student housing market is an exciting and interesting one to invest in. It’s different than other commercial or residential projects as timing is everything when it comes to leasing and managing units, and no two submarkets are alike.
Another dynamic that sets student housing investing apart is the importance of brand. You’re appealing to a millennial crowd who wants its amenities and isn’t afraid to sing your praises or complain about your flaws on social media. Bearing that in mind, here are a few new student housing projects around the country that are likely to get prospective tenants talking.
University Park: Boca Raton, FL
The Sun Sentinel notes that the newly completed University Park is “about as far from dorm life as you can get.” This 598-bed complex was built on 11 acres, about a mile from Florida Atlantic University. It’s also located close to Palm Beach State College and Lynn University.
Security-minded students (and their parents) will appreciate the fact that University Park is a gated and professionally managed community. The development offers two-, three- and four-bedroom units with private bathrooms, as well as washers and dryers. The development appeals to the studious side of student life, with computer labs, conference rooms and study areas. University Park also boasts amenities for when class is done, with features such as a lounge with six big-screen televisions, a game room, fitness center and yoga studio, pool and a food store.
Rental rates range from $899 – $1,200 per bed per month, the Sun Sentinel reports.
Peak Campus Development Project: Columbia, SC
This one has a rock climbing wall. According to the Charleston Regional Business Journal, the 218-unit, 660-bed Peak Campus Development project near the Five Points area is within walking distance of the University of South Carolina.
Built on a little over 4 acres of land that formerly housed a Greyhound bus station and a towing service, the development will feature fully furnished rooms with high-end finishes, private bathrooms and balconies, as well as in-unit washers and dryers. In addition to the climbing wall, the complex will also offer a two-level multipurpose room, a fitness center with yoga and spinning studios, a parking garage and bike storage, pool and hot tub, fire pit, bocce ball and lounge areas. The five-story complex will offer 15 unit plans for residents to choose from, including lofts.
The $50 million project is one of several in the area that is being fueled by growth in the student population at the university, the Business Journal reported.
Boomerang Systems, University of Kansas: Lawrence, KS
The future has arrived. In a recent press release, Boomerang Systems announced that it would be installing a robotic valet system at a 592-bed student housing complex near the University of Kansas, in Lawrence. The company said its system will be space efficient and safer for students as it allows for no occupancy inside the garage. Instead of students walking into the garage to get their car, they can retrieve their vehicles from a central lobby and with the push of a button.
The student housing complex is set to be complete in 2016, and CEO of Boomerang Systems James Gelly says that the robotic valet system will provide an environmentally responsible solution to a common problem for most college campuses and student housing ventures: parking. The company has previously installed a robotic valet system at a smaller high-rise condo project in Miami and is completing one for another student housing project near the University of Illinois.
As student housing competition rises, there are bound to be even more interesting features that will get potential residents talking on social media. Keep up to date with those offerings as well as other student housing news here.
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