FullStack, Cal Poly Plan 4,200 Beds
In addition to new student housing, the $1 billion plan calls for refurbishing existing residence halls.
California Polytechnic State University has partnered with FullStack Modular for the development of 4,200 new student housing beds in San Luis Obispo, Calif.
The entire housing program, encompassing both the construction of nine modular buildings and the refurbishment of existing halls, is scheduled to come online by 2030.
Partners on the development include design firm Steinberg Hart Architects and Whiting-Turner as design-build contractor. The residence halls are built according to LEED Gold certification.
The $1 billion project marks the first large-scale use of modular construction within the California State University system. FullStack will manufacture units off-site, reducing costs, construction time and environmental impact.
READ ALSO: What’s Next for Student Housing in 2025?
The buildings will have eight and nine stories, according to Yahoo News, and will rise on the Cal Poly at San Luis Obispo campus. Manufacturing on the project is set to begin in late winter 2025, with the first phase of buildings expected to be completed by the fall of 2026. The first phase will accommodate second-year students, with subsequent phases expanding capacity for future enrollment growth.
The units will primarily feature three-bedroom floorplans, with each apartment having two bathrooms and a living space. Additionally, common-area amenities will include community spaces, study lounges, kitchens and quiet study rooms.
Student housing sector continues to grow, completions decrease
Student housing remains a resilient real estate asset, despite capital market uncertainties. In December, preleasing at Yardi 200 universities averaged 47.1 percent, up from 39.7 percent in December 2023, according to the latest Yardi Matrix student housing report. The average rent per bed reached $909 in December 2024, the highest ever recorded for the sector.
However, new student housing supply is declining, with 35,703 off-campus beds completed in 2024, down from 44,746 in 2023. Yardi Matrix projects further declines to 32,100 beds this year and 33,995 beds in 2026.
