Capstone Development Opens $350M Student Housing Assets
- Oct 30, 2018
In a joint venture with the University of South Florida, the University of Massachusetts Boston, Seattle University, San Diego State University and the University of the Pacific, Capstone Development Partners has opened five new student housing communities totaling 3,000 beds. For the $350 million developments, the company had $150 million financing using private equity and $200 million financing using a 501c3 non-profit owner, with a tax-exempt debt.
The developments include:
- The phase two of the 2,171-bed The Village at The University of South Florida, featuring 1,300 beds in three residential buildings. Community amenities include living-learning and activity spaces, classrooms, study rooms and community kitchens. The property also includes a retail space leased to Starbucks Coffee and BurgerFi.
- The University of Massachusetts Boston Residence Hall and Dining Center offers 1,077 beds with a 500-seat dining center on the ground floor. Common-area amenities include game areas, TV lounges, study lounges, a 24-hour conference room and seminar and tutoring rooms.
- Located at the edge of campus on Madison, near 12th, Vi Hilbert Hall at Seattle University features a mix of studios, one-, two- and four-bedroom units. The 10-story building offers common-area amenities such as a tenth-floor community lounge, a 75-person seminar room, a second-floor student lounge and individual floor lounges.
- Montage on College at San Diego State University is a 300-bed community located at 5030 College Ave., two blocks from SDSU offering convenient access to Aztec Student Union and various retail and dining venues. The property features a mix of one-, two-, three- and four-bedroom units including common-area amenities such as a fitness center, resort-style spa, barbecue area, bike storage and repair, media rooms, fire pit, outdoor lounge space and study rooms.
- The 158,000 square-foot Calaveras Hall at the University of the Pacific offers a mix of studios, two- and four-bedroom units. The 381-bed student housing community consists of two four-story buildings including common-area amenities such as a large community kitchen, study spaces, a fitness center and a swimming pool.
“As student population rises on University of the Pacific’s Stockton Campus so does the need for student housing,” Ed Segovia, vice president and Sacramento Regional director for Sundt’s Building Group, which developed Calaveras Hall community, said in a prepared statement. “Working closely with Capstone Development Partners, and using a design-build approach, gave us the ability to work with a company that has produced student housing for more than 25 years and help provide a place for students to call home as they pursue their academic goals.”
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