Posts filed under ‘Student Housing’

Not Every Student Wants a Party Zone

PTAA member Burkely Communities is carving out a niche in student housing by focusing on the studious set. From their press release:

Burkely Student Communities near Appalachian State University, University of North Carolina at Greensboro (UNCG), North Carolina A&T University, and other campuses are designed to offer an off-campus living experience conducive to academic success.

Burkely Student Communities offer perks like rental discounts of $100 or more per semester for high grades, exam quiet hours, decompression zones, designated study areas and lounges, and healthy snacks. Residences include quiet courtyard apartments at The Park East and The District’s private high-rise studios close to UNCG.

“While there’s certainly a social dimension in our communities, our primary focus is supporting students’ efforts to succeed in school,” commented Kelly. “We believe it helps pave the way for a lifetime of success.”

Backed by the pledge that every Burkely Communities’ employee will do whatever it takes to ensure each resident is given every opportunity to fulfill their academic potential, the appeal is clear: “The unconditional 24/7 help from the Burkely staff is impeccable,” said Guilford College senior Lily Wotkyns. “Burkely does a thorough job making sure I have all the resources to finish my homework or anything I need for school. The community is respectful, quiet and a place where I can be successful and thrive.”

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August 15, 2014 at 4:33 pm Leave a comment

Oversupply in Student Housing Market?

From today’s Wall Street Journal:

Developers have built approximately 310,000 off-campus student beds in the past decade. A record 51,000 new off-campus beds were delivered this academic year alone, with more than 50,000 expected in 2014, according to real-estate research firm Axiometrics Inc…

So far, occupancy rates for private, off-campus student housing are holding strong as landlords slash rents and offer last-minute deals to woo students who normally live on campus.

But there are warning signs. Many landlords waived application fees and threw in gift cards to fill beds this year. “We certainly did see some properties that had to make deals,” said Jay Denton, vice president of research at Axiometrics. Mr. Denton added that overall rents rose less than 0.5% nationwide this year.

December 4, 2013 at 10:12 pm Leave a comment

Collegiate Courtyard Sold for $2.1 Million

From the Triad Business Journal:

Pompano Beach, Fla.-based investment group Pragma Investments bought the 48-unit Collegiate Courtyard student housing community at 1000 Bitting St. in Greensboro for $2.1 million.

Pragma Investments acquired the Collegiate Courtyard apartments from Courtyard Greensboro LLC, an entity managed by Dallas-based commercial mortgage-backed security special servicer Orix Capital Markets, LLC.

December 2, 2013 at 2:58 pm Leave a comment

Oaks at Spring Garden Sold for $3.5 Million

From the Triad Business Journal:

A Florida investment firm has purchased the four-building Oaks at Spring Garden student housing community in Greensboro for $3.5 million.

The community at 2119 Spring Garden St. is west of UNC-Greensboro’s campus and includes 48 units with 192 total bedrooms. It was sold Sept. 27 by 2119 Spring Garden Street LLC to Pragma Investments, a firm that specializes in multi-unit housing investments…

The complex was built in 1991, and was purchased in 2011 by New York-based Stabilis Fund I LP for $1.7 million at public auction following a foreclosure.

The 3.1-acre property was then transferred to 2119 Spring Garden St. LLC and is appraised at $2.9 million for tax purposes.

October 1, 2013 at 6:40 pm Leave a comment

Boone’s Boom in Student Housing

In its July 2013 Student Housing Trends report Axiometrics identified the ten schools that added the largest number of off-campus beds in the United States and Appalachian State University in Boone came in at number 9 with 1,506 beds for the Fall, 2013 semester.

 

August 29, 2013 at 6:13 pm Leave a comment

Too Much Supply in Student Housing

From a story in the 8/28/13 Wall Street Journal:

Some of the millions of students heading back to college—and their parents—are finding a pleasant surprise: Landlords nationwide are cutting rents because of an oversupply of student housing in college towns…

A record 51,000 new off-campus beds are expected to be delivered in college towns nationwide this year, according to Axiometrics Inc. Developer interest in the sector has swelled on the belief that enrollment was outpacing the ability of budget-constrained schools to build or modernize on-campus housing.

But developers appear to have overshot the mark in numerous markets. Some of them failed to take into account other construction that was planned, say experts. Others misjudged future enrollments or the willingness of students to pay up for off-campus living at the time when many families are still pressed in the aftermath of the economic downturn.

With vacancy rates rising due to the new supply, new and existing complexes near schools such as Florida State University, Kennesaw State University in Georgia and Arizona State University are being forced to cut rents to fill beds.

Here at PTAA we’ve been hearing that vacancy rates are up for some local student housing providers, but we don’t have hard data on this semester’s numbers just yet.

August 29, 2013 at 6:02 pm Leave a comment

Wet Weather Wreaking Havoc on Construction Schedules

The unusually wet summer of 2013 is wreaking havoc on construction schedules in the Piedmont Triad and western NC counties. While projects like BSC Holdings’ Lofts at Little Creek in Winston-Salem have experienced unexpected delays that are unwelcome to the developers, probably the most dramatic impact of these weather delays has been on a student housing project in Boone, NC. From a story in the Winston-Salem Journal:

Alexandra Cramer never thought that she would begin her junior year at Appalachian State University living in a Super 8 Motel.

Cramer is one of about 500 Appalachian students living in hotels because The Cottages of Boone, a student housing complex, is not finished yet…

The Cottages are owned by Capstone Collegiate Communities and will be the largest off-campus housing complex in Boone, designed to house almost 900 students, John Vawter Sr., principal of Capstone, said Tuesday…

“We have been working on this project for over a year and half and nobody is more disappointed that we didn’t deliver than we are,” Vawter said.

He said that the rainy weather caused delays and cost the company millions…

Vawter said he expects the majority of the students in hotels will be moved into The Cottages over the next week and a half, but that a group of students in one building may not have housing for another 60 to 90 days.

August 22, 2013 at 5:48 pm Leave a comment

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