Despite the negative effects of the COVID-19 situation on many businesses, student housing companies in the USA have continued their development plans, moving on with new acquisitions, redevelopment and constructions throughout March and April. Companies like CBRE, Champion Real Estate, Global City Development and MultiVersity Housing have already started plans in many states, including Louisiana, Los Angeles, California, Florida, Pennsylvania, and Virginia.
On March 16th, Champion Real Estate bought a student housing property located at 2353 Portland St. in Los Angeles for $14.1 Million. The property, built-in 1964, will be renovated to host approximately 102 student beds in fully-furnished units. Facilities inside the building will include a communal area, a swimming pool and a reception area.
The same day, CBRE managed to arrange an $18.5 million loan for a 5-property portfolio in Santa Barbara. The properties, which cover 35,868 square feet, will be called The Hive Isla Vista. They will be a short walking distance from the campus of the University of California, Santa Barbara and will include an on-site gym and a swimming pool.
MultiVersity Housing Partners acquired a student housing portfolio near Duquesne University and the University of Pittsburgh on April 1st. The student housing, Union on 5th, will be renovated with the addition of new beds, a new design for the lobby and relocation of the main office and leasing area. In addition to the original facilities that included fully-furnished rooms and a communal lounge, MultiVersity will add a locker system and study zones where students can relax inside the accommodation.
On April 3rd, New Orleans Redevelopment Fund, also known as NORF, managed to receive a $45 million loan to convert a hotel in downtown New Orleans into a student home. The redeveloped hotel will serve approximately 154 students and is expected to be finished by August 2021. It will mostly host Tulane University medical students as it is situated at 1315 Gravier St, adjacent to the university. Albert Architecture and SCNZ will serve as the project architects and will add luxurious facilities like an on-site restaurant, coffee shop and patio seatings.
April 8th marked a collaboration between Eyzenberg & Co.and Greystar to redevelop an 11.5-acre site near Virginia Tech University. Located at 1001 University City Blvd, only a 15-minute walk to Virginia Tech University, the site will include 424 fully-furnished units divided over six buildings. Building facilities will consist of recreational space, small basketball court, swimming pool and garden. Development is expected to start this summer.
Finally, April 16th witnessed the continuation of a student housing construction that was stopped because of the situation. Global City Development, RER Ventures and Podium Developments continued construction on a 1,244-bed student housing community worth approximately $231 Million. Located on the opposite side of Florida International University campus, the project is set to offer en-suite rooms, single rooms, studios and flats all fully furnished with on-site facilities, including a gym, swimming pool, communal lounge and study zones. The project is expected to launch by fall of 2020.