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Breaking Ground: New Student Housing Projects in The US

clock iconCreated At:23 May, 2023
write iconCreated By:Reem Mohamed

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Multiple changes have recently been made in the student housing market in the United States. These changes feature the addition of new housing facilities, the purchase of some, and the sale of others. Three cities saw significant alterations in their student housing markets: Baltimore, Auburn, and Knoxville. 

In Baltimore, ground has been broken on a project called Flats at the Markley. This is a 146-unit student housing project that is spearheaded by MCB Real Estate in the Beverly Hills neighbourhood of northeast Baltimore. Students attending Morgan State University will benefit from this nearby off-campus student housing property that’s located on Harford Road. 

This five-story development will feature, according to MCB, “apartments with in-unit washers and dryers, study rooms, game rooms, on-site parking, and an outdoor courtyard’. The Flats at Markley by MCB are expected to be completed by the summer of 2025. 

In the state of Alabama, specifically in the city of Auburn, WFI was granted a $37.5 million refinancing for a 501-bed community catering to students attending Auburn University in Alabama called The Union at Auburn. This student housing property, which is located at 900 W. Glenn Ave., offers two, three, four, five, and six-bedroom units. 

The financing for this development project was provided by Tremont Realty Capital through a mortgage REIT managed by the company under the name Seven Hills Realty Trust. The structure of this loan is based on a 30-month initial term with the option for an extra 12-month extension. The amenities and features offered at this student housing facility are set to include a state-of-the-art clubhouse, a two-story fitness centre, including space for barre, yoga, and TRX, a business centre, 19 study rooms, a resort-style swimming pool, an outdoor jumbotron, a kitchen and entertainment area, a spacious outdoor terrace, a dog park, and a self-service bike shop. 

In Tennessee, specifically in Knoxville, the sale of TENN, a 603-bed student housing community located adjacent to the University of Tennessee campus in Knoxville, has been brokered by CBRE. In the disposition of the property to Schenk Realty, the seller was represented by CBRE’s Jaclyn Fitts, William Vonderfecht, Casey Schaefer, and Brett Carr. This student housing community was developed back in 2018 and is located within Knoxville’s Fort Sanders neighbourhood at 1830 Cumberland Ave.

At TENN, there are 140 fully-furnished units that can be found within three-, four-, and five-bedroom apartments. This development’s amenities include the following: a two-story clubhouse, a swimming pool, courtyard grill stations and a fire pit, a 24-hour fitness centre, a computer lab, a television lounge, a zen room, a gaming lounge, group study rooms, a coffee station, free tanning, an indoor golf putting green, an Amazon hub, and a ground-floor retail space. 

“TENN received incredible investor interest and is only one of two core, pedestrian student housing assets that have transacted in 2023 so far,” says Fitts of CBRE. 


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