(Save the date: RealShare Student Housing comes to Four Seasons Resort and Spa in Dallas on May 13 and 14, 2013.)
OREGON-College-campus and student-housing development activities are on the rise in this state. Compass Commercial Real Estate Services in Bend has been selected as the real estate consulting firm for the proposed Oregon State University-Cascades expansion of facilities. Also, construction of the newest Inland American Communities Group Inc. student-housing property, University House Arena District, is under way less than two blocks from the University of Oregon in the Arena District of Eugene here.
The OSU-Cascades expansion aims to accommodate the four-year university’s goal of serving 3,000 to 5,000 students by the year 2025. Compass Commercial was selected by a request for proposal process that attracted real estate firms statewide to the bidding. The firm will be identifying available and potentially available properties that will serve as classroom facilities, student housing and supporting services for the growth and development of the newest satellite campus of the state institution.
In January OSU-Cascades hired Portland-based consulting firm SRG Partnership Inc. to identify space requirements for the proposed expansion, including square footage, number of buildings, etc. Compass will utilize the results to identify optimal properties.
Darren Powderly, partner and president of Compass Commercial, tells GlobeSt.com that the firm is looking at both bare land as well as existing facilities for the university’s expansion. “There is a clear advantage for existing buildings in that they’re less expensive than new construction. Office buildings that can be repurposed can be purchased for below replacement value.”
Powderly adds that his firm has been in the Bend area for roughly 18 years and is familiar with every property and property owner in town, so finding potential sites is an ideal task for Compass. “We also have a complementary relationship with SRG. They’re going to give us the guidelines—the recipe—and we’ll go out and prepare the meal.”
Compass expects to provide OSU with a short list of properties within 60 days and hopes to purchase the properties needed for the expansion by the end of this year. Powderly says that the state of Oregon has allocated $16 million to this project, local donors will contribute $4 million and the university will allocate $4 million more, giving the parties about $24 million to complete the expansion.
As GlobeSt.com previously reported, in January Compass Commercial released its fourth quarter 2012 market survey results and year-end summary in the current issue of Compass Points. The survey reports that for the second straight year, vacancy rates decreased in the industrial, retail and office markets, indicating a slow but steady recovery from the recent recession.
Meanwhile, University House Arena District, to be developed as a partnership between Inland American Communities and a local developer, will be a state-of-the art, 244-bed student-housing community scheduled to open in September. The five-story development, located at East 15th Ave. and Walnut St., will have two- and four-bedroom floor plans as well as a podium garage with 81 stalls for resident parking. Eco-friendly furniture and appliances are included in the rental price, along with cable and high-speed Internet.
According to Dave Pierce, SVP of development for IAC, “We approach our university developments with a focus on the students, their lifestyles and providing top-of-the-line amenities for their housing experience. We look forward to introducing our new property to the students of the University of Oregon.”
Similar to other University House properties, amenities for the new community will include an active outdoor courtyard area, a clubroom, an Internet café with Apple computers, free printing and a 24-hour conference room. The building has a focus on green features, designed with environmentally sustainable systems and materials, and is being built to achieve LEED Silver certification. Green initiatives at the property include solar roof panel systems to generate hot water, energy-efficient heating systems, low-energy light fixtures and low-VOC paints, sealants and adhesives.
Pre-leasing for University House Arena District has begun at a new leasing office located at 2001 Franklin Blvd., Suite 5, two blocks from the property’s future home.
Is student housing development ramping up in your area? Tell us about it in the box below.