Philadelphia—Campus Apartments has unveiled plans for three new student housing developments totaling more than 1,700 beds. One property each will be in Tennessee, South Carolina and Pennsylvania.
In a joint venture with Collegiate Development Group, Campus Apartments will develop two off-campus student communities near the University of Tennessee-Knoxville (603 beds) and Clemson University (706 beds) in the town of the same name in South Carolina. Both projects will offer a pedestrian-to-campus location, an amenity package, and ground-floor retail.
The two new off-campus development projects are the latest investment of the Campus-Clarion Student Housing Partners LP Fund. Closed in April 2015, the fund targets investments in university-related real estate through acquisition and development, both on- and off-campus.
Campus Apartments has also partnered with University of the Sciences in Philadelphia to develop a 400-bed freshman residence hall. That development marks the start of a multi-phase effort to improve facilities across the university over the next several years.
Currently under construction, the Clemson development is scheduled for delivery in August 2017, in time for the 2017-18 academic year, while the Knoxville development is slated for an August 2018 completion, in time for the 2018-19 academic year. The Philadelphia development is likewise scheduled for completion in August 2018.
“Each of these student communities responds to a specific market need,” said Daniel Bernstein, president and chief investment officer at Campus Apartments. At USciences, for instance, the developers are creating a live-learn community equipped with social and academic space that will support the institution’s rigorous academic culture.
“At UT-Knoxville, we’ll provide a value-conscious market with high-density unit types at an affordable price point,” Bernstein pointed out. “At Clemson, we’ll cast a wide net by offering studio through five-bedroom units in the heart of downtown.”
U.S. student housing development was quite robust this year. Some 47,700 new beds were delivered for students’ arrival for the fall 2016 semester, according to Axiometrics’ student housing research. Next year, the pace will still be strong, but a little slower. Axiometrics has identified 43,800 new beds to be delivered for fall 2017. Of those deliveries, 14,400 are still in the planning stages.