MIT has opened The New Vassar and The Graduate Tower at Site 4, two newly constructed on-campus communities in Cambridge, Mass. The properties are designed to meet current COVID-19 safety standards.
New Vassar is an undergraduate, 450-bed community that comprises one- and two-bedroom units. Common-area amenities include a study room and lounge space. Vassar includes several dining options, such as grab-and-go shops and a student kitchen.
The Graduate Tower is a 28-story, 454-unit asset that can also accommodate families. It comprises one- and two-bedroom apartments and includes a child-care facility, family lounge, playroom, gym and study spaces.
Located at 121-169 Vassar St., New Vassar is within 2 miles of downtown Boston, while The Graduate Tower is located within walking distance at 45 Hayward St.
MIT is also developing a new 690-bed asset at 301 Vassar St. The special permit application was filed with the City of Cambridge in December 2020. The university partnered with American Campus Communities and architecture firm Kieran Timberlake for the project, which is scheduled for completion in the fall of 2024.
The research institute is also in the process of renovating Burton Conner, a property located at 410 Memorial Drive. The redevelopment plan includes new windows, improved plumbing and heating systems, upgraded kitchens, as well as renovated suite and public bathrooms. Planned amenities include a gym, library and improved bike storage. MIT is collaborating with architecture firm Goody Clancy for the project. Burton Connor is set to reopen in 2022.
Investors remain confident in the student housing sector as being one of the best asset classes to invest in this year, based on its resilience during the economic recession of 2008. However, supply is set to slow down, with approximately 39,000 beds forecast to be delivered in 2021.