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New Student Housing Projects Near US Universities

clock iconCreated At:18 June, 2023
write iconCreated By:Reem Mohamed

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In several cities across the United States of America, loans and approvals for new student housing projects were issued. These student homes are set to be located within a short distance of major US universities. The projects set to be launched are in Houston near the University of Houston, in Boston near Simmons University, and in Bloomington near the University of Bloomington.

In Houston, the sale of Vue on MacGregor, a 347-bed student housing community located near the University of Houston campus, was arranged by JLL Capital Markets. Trimont, the seller, was represented by JLL reps Teddy Leatherman, Scott Clifton, Kevin Kazlow, and Danielle Ric, who procured the buyer, Axonic Properties, in the transaction. At the time of the sale, the community, which was built in 2014, was 96% occupied. 

A mixture of fully furnished one-, two-, three-, four-, and five-bedroom units are offered, along   with a number of shared amenities for all residents to use and enjoy throughout their stay. These amenities include dedicated study rooms, a swimming pool, two fitness centres, a business centre, and a dog park. Located at 460 South MacGregor Way, this student housing facility is just less than half a mile from the university’s campus.

“We are excited to expand our student housing portfolio in Houston, which is now a member of the Power Five Conference starting this year,” Jonathan Shechtman, managing principal at Axonic Properties, said.

Meanwhile, in Boston, a $311 million partnership for a living-learning centre was made between Skanska and Simmons University, on whose Boston campus the centre will be developed. After the development of this student housing facility is completed, it is set to offer the following: 1,000 beds of student housing, meeting and social spaces, an office support space, a 500-seat dining facility, and a fitness facility including a swimming pool, a gymnasium, rowing tanks, and a weight room

The project began its development back in May of this year, with the completion date expected to be around September 2026. This living-learning community is set to make up the final phase of a decades-long master-planned development designed to consolidate the university’s facilities onto one campus by the name of One Simmons.

Over in Bloomington, Indiana, a $36 million loan for the acquisition of a 796-bed student housing property at Indiana University in Bloomington called The Monroe has been arranged by Bellwether Enterprise (BWE). The loan was arranged by Christopher Carroll and Max Miller of BWE on behalf of the borrower, Campus Realty Advisors, who plan to make changes and upgrade the community. With more than 10,200 students, BWE states that Indiana University had a record freshman enrollment in 2022.

Lastly, in Tuscon, Arizona, a development site has been acquired near the University of Arizona campus as a result of the joint venture between Core Spaces, Up Campus Properties, and Harrison Street. Dubbed Tuscon V, the site is set to be a 648-bed student housing community. The financial advisor for this joint venture in the acquisition was TSB Capital Advisors. 

The community, which is set for delivery in the fall of 2025, will offer 161 units that feature a variety of room types, including studios and one-, two-, three-, four-, five-, and six-bedroom apartment configurations. Additionally, the development will come with a set of useful amenities shared among residents, including a luxury rooftop deck with a swimming pool and a grilling area, a hot tub, fitness and business centres, exterior terraces, study rooms, and private parking. 

“The University of Arizona community is vibrant and continues to grow both through enrollment and overall development in the area,” Brendan Miller, senior managing director and chief investment officer of student housing with Core Spaces, stated. “We look forward to bringing another high-quality housing option to the market for U of A students to call home for years to come.”


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