Trinitas Ventures JV Kicks Off $250M Student Housing Project
The Cincinnati mixed-use development has a total price tag of $640 million.
Trinitas Ventures, in partnership with Crawford Hoying, has started the second phase of The District at Clifton Heights, a 5-acre, $640 million mixed-use development in Cincinnati, according to Student Housing Business. Once completed, the project will offer six multifamily, student-dedicated and hospitality buildings, as well as retail space.
Completed in 2019, Phase I of the project comprises the development of The Deacon, another eight-story, 351-bed community serving students at the University of Cincinnati. The property was purchased by Global Student Accommodation in an 11-property portfolio sale and rebranded as Yugo Cincinnati Deacon, according to Yardi Matrix data.
The second part of the project will include the $250 million development of Branded Hub Cincinnati, a 14-story, 1,112-bed student housing community. The property will also offer three levels of parking, as well as a roof deck and plenty of amenity space. Core Spaces is handling the development, scheduled for completion in the second quarter of 2024.
Located at 350 Straight St., the property will be within walking distance of the campus and less than a mile from UC Baseball Stadium and Nippert Stadium. Several dining and retail options, including a Kroger and a Walgreens, are within a mile of the community, as well. Central Cincinnati is less than 2.5 miles south of the property.
The growth of the student housing sector
Following the student housing sector’s fast recovery and growing prelease rates, the University of Cincinnati is now among the top 20 institutions for annual prelease growth, reaching 24.7 percent in the second quarter of the year, a recent Yardi Matrix report shows. Currently, there are seven dedicated properties serving students at the institution, totaling some 3,800 units, the same data provider shows. Another planned property will add 331 bedrooms to the inventory.
Besides the development of Branded Hub Cincinnati, Core Spaces recently teamed up with Tom Winkopp Development for the $200 million development of The Pier, a walkable student community, totaling 4,000 beds adjacent to Clemson University in Clemson, S.C. The development is also expected for completion in 2024.