Archive for Student Housing

Apr
19

USC Student Housing Preleasing Slows

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According to Axiometrics, there has been sufficient development activity at the University of South Carolina over the last few years, with nearly 3,000 off-campus beds delivered from 2014-2016. On average, supply has outpaced demand, but more than 40% of students are living in something other than purpose-built student housing.

Rent levels are growing for most properties compared to last fall. However, leasing velocity is slowing for many properties in the market. Prelease is averaging 54% as of February, down more than 600 basis points (bps) from last February. Older assets, especially those located more than one-half mile from campus, sustain the most impact from new supply.

axiometrics

Categories : Columbia
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Mar
01

Two Student Housing Developments in the Carolinas Sold

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college housingARA Newmark has arranged two sales of student housing assets near the University of South Carolina and the University of North Carolina at Greensboro.

The sales totaled more than $50 million. In the first transaction, Pittsburgh-based Campus First Student Living purchased The Club at Carolina Stadium in Columbia from Aspen Square Management for $30.5 million. Situated directly across from Carolina Stadium, the 240-unit, 486-bed asset was fully occupied at the time of sale.

In the second deal, Shanghai-based private equity fund OC Ventures and operating partner SkyeCroft Realty purchased Sterling Cottages at West End in Greensboro from Houston-based The Dinerstein Cos. for an undisclosed price. Built in 2011, the 176-unit, 600-bed asset was 93 percent occupied at the time of sale. Ryan Lang of ARA Newmark’s Student Housing group in Austin, Texas, represented the sellers in both transactions.

Categories : Columbia, Greensboro
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Feb
02

Two Columbia Student Housing Developments Sold

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college housingCampus Advantage announced the takeover of six properties, including two near the University of South Carolina campus.

The Austin, Texas-based group is the sixth-largest student housing owner/operator in the United States providing property management, consulting, acquisitions and development services.

In November, Campus Advantage announced a collaboration with Saban Real Estate and a three-phased acquisition plan for a 19-property American Campus Communities (ACC) portfolio. The first phase, which closed on Nov. 16, included eight tier one university student housing properties for the University of Missouri, Louisiana State University, and the University of Alabama.

The two USC properties, University Oaks in Columbia and Garnet Riverwalk in West Columbia, are part of phase two. Campus Advantage also added two properties at Penn State and East Carolina.

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Categories : Columbia
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Aug
22

Demand for Student Housing Assets About to Increase

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college housingInvestors have already acquired a tremendous volume of student housing properties this year, but the busy buying season for student housing is just getting started.

“It’s frothy and it’s active,” says Dorothy Jackman, managing director of student housing services for real estate services firm Colliers International.

The bidding for student housing properties seems likely to get more intense. Investors usually trade the most student housing properties in the fall, after the results of the fall leasing season are in. This year, early results look very good: occupancy rates are on track to meet or even exceed the high levels set last year as the market easily absorbs the new student housing beds that get delivered.

Investors in student housing have been very busy during this spring and early summer. They bought $8.4 billion in student housing properties over the 12 months ending in the second quarter, according to data from New York City-based research firm Real Capital Analytics (RCA). That’s a sizeable increase from $5.4 million the year before. But the big surprise is that most of those sales happened after January 1. As of August, investors bought $5.7 billion in student housing properties in 2016, up from $3.7 billion over the same period in 2015.

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Categories : National News
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Mar
11

Clemson’s Campus View Student Housing Sold

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campusview clemsonARA Newmark has arranged the sale of two student housing facilities in Texas and South Carolina.

Properties include The Hype, a 430-bed property located near Baylor University in Waco; and Campus View, a 355-bed property located near Clemson University in Clemson. Ryan Lang of ARA Newmark represented the seller, McAlister Development, in the Campus View transaction and the undisclosed seller in The Hype transaction.

Campus View was acquired by Columbus Nova in a partnership with Coastal Ridge Real Estate, and is comprised of 107 fully-furnished units. Amenities at the complex include 10,500 square feet of on-site retail, a pool, sun deck, fitness center and entertainment facilities.

The Hype is comprised of 200 units, and features amenities including a resort-style swimming pool and hot tub, cabanas, water and sand volleyball, an outdoor theater, gas grills, an outdoor fire pit, a 24-hour state-of-the-art fitness center, an off-leash dog park and a five-acre play scape with hammocks and an organic garden.

Categories : Clemson
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Feb
02

Is Student Housing at East Carolina Overbuilt?

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college housingAs more student housing projects come to Uptown Greenville, some people are concerned there could soon be too much student housing.

Sidewalk Development is building a new $32 million student and market-rate apartment complex along Dickinson Avenue which Greenville city councilmember P.J. Connelly said is a “win-win” for the developer and the city. “It’s a good project, and I think it’s going to help out that area over on Dickinson Avenue,” Connelly said. “I know when I first came to school here 10 years ago, there wasn’t anything on Dickinson Avenue.”

There also wasn’t as many student apartments as there are now which are spread out across the city. Most of the new housing projects are centered around Uptown including The Boundary at West End.

With more projects coming to the area, property manager Chelsey Harper said she’s ready for the competition. “I don’t think it will really affect us much,” Harper said. “It will probably affect those who are on the perimeter, on the outskirts of Greenville.”

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Categories : Greenville NC
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Oct
19

Clemson Student Housing Development Sold

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pineherstNAI Avant Senior Investment Broker, Dail Longaker, represented Pineherst, LLC in the sale of the recently developed Pineherst Student Apartments in Clemson, SC.

The 24-unit, 96-bed, walk-to-campus development was 100% leased prior to completion of construction and sold for $8,175,000. All units are four-bedroom, 4-bath and the development was completed in 2015.

Categories : Clemson
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Oct
15

Columbia Among Top 15 in Student Housing Deliveries

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Axiometrics reports that  49,977 new purpose-built student housing beds were built nationally for the fall 2015 school year. The University of South Carolina ranked 13th, with 1,174 new beds completed.

cola student housing

Categories : Columbia
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Sep
16

Developer Cancels Plans for 15-Story Student Housing

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Cancelled_stampA Memphis, Tenn., developer’s plan to build a 15-story student dorm one block from the University of South Carolina is no more.

EdR has moved on from its attempts to enter the Columbia market, Josh Speed of Newmark Grubb Wilson Kibler said Tuesday. EdR’s project had been opposed by USC since it first debuted this summer, as school officials said the building would cast a shadow over the nearby historic Horseshoe. “That deal is no longer,” Speed said. “However, the Sandy’s property is now listed and available.”

Neither EdR nor USC could be reached for comment. The now-dead project was planned for the corner of Main and College streets, where the Sandy’s restaurant and Baptist Collegiate Ministries are located.

Developers received project approval from the Board of Zoning Appeals in June but the plan has been in limbo with the Design-Development Review Commission ever since. The commission postponed planned meetings in July and August in order to meet with university officials, and also with board members at a pair of subcommittee meetings to address concerns over the project.

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Categories : Columbia
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Jul
06

Strong Demand Fills Student Housing

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college housingThe demand for student housing is stronger than the supply on average across the country—and the strongest segment of the student housing market, privately-owned student housing properties were already full as of May for the academic year that will begin this fall.

“Students who are looking for off-campus housing at these schools are almost out of luck,” according to the latest report from data firm Axiometrics.

That’s despite the largest building boom that the privately-owned student housing business has ever seen. The new construction of student housing properties is creating a much larger market for off-campus, privately-managed student housing than ever existed in the past.

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Categories : National News
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May
13

More Student Housing for Columbia

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main and college housingA developer has filed plans with the City of Columbia for a 15 story building for student housing near the University of South Carolina.

The project would go up at Main and College Streets where the Baptist Collegiate Ministry and Sandy’s currently sit.

Memphis based collegiate housing company EdR has filed a zoning appeal with the city to allow the property to exceed the city’s ordinance that sets a maximum of beds per acre for a private dorm. Current rules would only allow 189 beds on the site. EdR wants to place 704 beds on the site. The building would contain approximately 246 units with just over half of them being four bedroom units.

Plans also call for retail space and offices for the Baptist Collegiate Ministries. A parking garage would also be built into part of the dormitory building. The garage would hold enough space for 578 cars, 182 bicycles, and 9 scooter spaces.

Developers went before the Board of Zoning Appeals Tuesday to present their request for zoning exceptions. Members of the board did not make any decisions on the project’s request.

SOURCE

Categories : Columbia
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Apr
24

What’s the Key to Student-Housing Success?

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college housingStudent housing is very management intensive, and it’s very unforgiving for those who aren’t prepared, DTZ’s senior managing director Justin Glasgow tells GlobeSt.com. We spoke exclusively with Glasgow and several other student-housing experts about the most pressing issues the sector is facing. Stay tuned for a complete feature story about the student-housing sector in GlobeSt.com’s sister publication Real Estate Forum.

GlobeSt.com: What should our readers know about this sector?

William Talbot, CIO, American Campus Communities: The student-housing sector is going through a dynamic period as the sector experiences the continued maturation and institutional acceptance of the space. During the ’60s, ’70s, ’80s and early ’90s, student housing was neglected by mainstream investors as not a desirable property type in which to invest based on incorrect stereotypes of an “animal house” tenant base and the incorrect belief that students and parents would not pay for quality product near campus. As a result, there was barely any modern student-housing product delivered to students during that period. By the mid-’90s, developers discovered the need for purpose-built off-campus student housing, and the market easily absorbed new developments due to pent-up demand and a lack of quality product available to them, which increased investor interest. The stability of cash flows became more evident after ACC became the first student-housing company to go public in 2004, and our investments further exhibited the strong demand through strong rental-rate growth and occupancies.

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Categories : National News
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Apr
07

Multiple Clemson Student Housing Developments Underway

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student housingWith an increase in student population predicted for the next several years at Clemson University, development activity in the city of Clemson is booming. The university’s 6,183 beds on campus remain consistently full, prompting students to seek off-campus housing. Add in services to accommodate those students as well as the growing city, and it’s easy to see why developers are responding.

Todd Steadman, the city of Clemson’s codes administrator, said that between the projects that are under construction or are in the permitting process, he expects a $130 million investment by the end of this year. “It’s the combination of a perfect storm with interest rates lower and demand for student housing. It’s unprecedented growth, both in terms of dollar amount and growth for the city,” he said.

Here’s a glimpse at just a few of the projects in the city of Clemson.

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Categories : Clemson
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Mar
13

More Student Housing for Clemson

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college housingWant Chinese? Head over to Asian Delight in the Clemson Shopping Center on U.S. 76. In the mood for Mexican? Monterrey is just a few steps away. Or maybe you’re hankering for a quick hot dog or two with some ‘tater chips. Skins is open for business around the corner. But not for long.

Those restaurants and 10 other businesses ranging from a scuba shop to a medical infusion center have been given orders to get out by April 18.

The 1960’s vintage shopping center, which came into being when shopping centers were the new thing and once boasted an A&P grocery store, a Garrett’s clothing store and a variety store called Mack’s, will be gone soon. In its place will rise a housing project with rooms for 494 Clemson students, two swimming pools, two sand volleyball courts, and a bocce ball court. It will also have space for a restaurant and offices for the company that will be managing the site.

Unless City Council doesn’t go along with the recommendation of the city’s Planning Commission.

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Categories : Clemson
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Jan
28

Student Housing Developments in Boone Sold

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sold stamp blueNorthState Capital Partners has led an investment group in the acquisition of a three-property student housing apartment portfolio totaling 336 beds. The properties serve students of Appalachian State University in Boone, NC and include Highland Crossing, a 204-bed apartment community, Greenway Commons consisting of 84 beds, and Greenway Cove with 48 beds.

The combined apartment units are currently 96% occupied. The Highland Crossing property is a mixeduse property with approximately 7,500 square feet of vacant ground-floor retail space. “This acquisition fits nicely with our strategy of investing in stable, income-producing real estate with an opportunity to add value for our investors through the lease-up of the vacant commercial space”, said Shane Buckner, a Managing Partner at NorthState Capital Partners.

“We really like the Boone market, which has significant barriers to entry for new development and we believe these three properties are positioned favorably within that market”, said David Dupree, a Managing Partner at NorthState Capital Partners.

The properties are in close proximity to Appalachian State University campus and offer students a variety of housing options with two, three, and four bedroom units. The AppalCart, the primary local
public transportation system, which is very popular with students, has bus stops directly in front of the properties, providing convenience for the residents.

Categories : Boone
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