Milender White Breaks Ground on LA Student Housing
- Aug 30, 2021
Milender White has broken ground on Hub on Campus L.A.-Figueroa, a 157-unit community in Los Angeles, dedicated to students at the University of Southern California. The developer is also working with Core Spaces, Amplify Development Co. and architects from Antunovich & Associates to complete the project before the 2023 fall semester.
Located at the intersection of 28th St. and Figueroa, the property will encompass 292,683 square feet across seven floors. Planned amenities include social spaces, a gym and a swimming pool, as well as 115 below-grade parking spaces. The property will also include 18 affordable and workforce units.
The development site is within a mile of the University of South Carolina and some 6 miles from Central Los Angeles.
The student housing market has steadily improved its outlook this year as vaccines continued to be distributed across the U.S., according to a Yardi Matrix report. Rents were up 1.2 percent year-over-year in April, a 60-basis point uptick over the previous month. Rates are expected to remain stable or increase slightly as students return to campuses.
In addition, NMHC estimates long-term activity growth in student housing development. A recent report forecasts a 0.8 percent annual increase in student beds, which are expected to reach 9.2 million by 2031.
Investors are capitalizing on the market’s steady recovery. Earlier this month, Blackstone and Landmark Properties launched a $784 joint venture with the purpose of acquiring eight student housing communities across the U.S.