MIAMI-When Inland American snapped up two student housing complexes in the Southeast for $95 million last month, it caught my attention.
The two student housing properties, located in Florida and North Carolina, offer 1,264 beds. Amenities include a resort style swimming pools with movie screens, basketball courts, tanning beds, game rooms, grilling areas and sand volleyball courts. This is luxury student housing and its en vogue.
But Inland is not alone in its Southeast student housing trading activity. Sterling North Campus, a student apartment complex near the University of South Florida in Tampa, traded in mid-December for $49 million. Sterling University Housing, The Dinerstein Cos.’s student housing division, sold the 734-bed student housing community to an institutional pension fund advisor. The community offers two expansive pool plazas, aqua lounge with multiple 42-inch outdoor high-definition televisions, billiards, multifunctional clubhouse with private study rooms, cyber cafe, athletic center and computer center featuring Apple and PC products.
Meanwhile, development is underway on new student housing assets in the Southeast. Landmark Properties, a locally based development firm, and Harrison Street Real Estate Capital kicked off work on what’s said to be the first core, purpose-built student housing property in the city’s Downtown, Sule Aygoren Carranza reported earlier this month.
The student housing community, dubbed the Standard at Athens, is located at Thomas and Strong streets in the former Athens Hardware building. Aygoren reports that features include a rooftop infinity edge swimming pool complete with cabanas, a 10,900-square-foot clubhouse with strength training and cardio fitness centers, gaming lounge, sauna, study rooms with coffee bar, golf simulator, tanning beds and a courtyard.
These are just a few of the examples in the Southeast alone. The luxury student housing trends is running across the nation—and even into Europe. The question is whether or not it is sustainable. Will these new luxury student housing projects drive rentals now—and through the dips and dives of university populations and recessions? Sound off.