CHICAGO—CA Student Living, the student housing investment and development division of Chicago-based CA Ventures, just completed eight luxury student housing communities comprising nearly 4,000 beds across the US. Students have already occupied 95% of these beds, which represent nearly 10% of the 47,700 off-campus student housing beds slated for delivery nationwide in 2016. Although that total may sound like a big number, company officials tell GlobeSt.com that a gap has opened up between the intense demand for new student housing, and what developers have recently finished.

“In general, enrollment at most schools is increasing, but the supply is not keeping up,” says JJ Smith, chief operating officer, CA Ventures. In 2014, the student housing market hit a peak when developers delivered about 65,000 new units, according to data from Axiometrics, Inc. And next fall, Smith predicts builders will deliver slightly more than 40,000 units.

“New supply is tapering off,” but that can mean goods things for the builders and investors still at work in the sector. “We still find a lot of opportunities across the country, especially at large state schools.”

But a big shift has occurred in student housing in the last few years. Not so long ago, students were content to occupy class A spaces on the outskirts of their campuses. But today, Smith says most students want to live in centrally-located apartments near their classrooms and the school-provided amenities. “Walkable locations on the main thoroughfares are the most desired.”

Smith also encourages those in the industry to carefully examine each local housing market, as levels of supply and demand can vary quite a bit from school to school. He points out that, like many large state schools, the University of Oregon-Eugene has seen its enrollment soar, but unlike many others, it also received a lot of new units in the past few years, about 3,500, essentially saturating its market.

CA Student Living's latest work, valued at more than $460 million, boosts the size of its portfolio to $1.5 billion. All offer fully-furnished apartments with high-end finishes, in-unit laundry and a 1:1 bed-to-bath ratio in most units. Select apartments also feature tech-friendly features like USB outlets, smart TVs, ultra-high-speed internet, wireless surround sound and Bluetooth showerheads in bathrooms. In addition, the company provides programs that enhance study habits, encourage prudent financial planning and assist in attaining career goals.

A full list of the 2016 deliveries, along with the universities served, is below:

Uncommon Athens (210 beds) – University of Georgia; Athens, GA.

Uncommon Athens, a five-story building located at 165 E. Dougherty St., is the only boutique residential community walkable to both downtown Athens and the University of Georgia campus. In addition to 210 beds across a mix of one-, two- and four-bedroom floor plans, the development contains 10,600 square feet of street-level retail space. Indoor amenities include a 24-hour fitness center, golf simulator, business center, study lounge, group meeting space, club room and coffee bar, while an outdoor entertainment deck on the second level features grilling stations, landscaped seating areas and six flat-screen TVs for game-day gatherings. Residents also have access to on-site parking.

Uncommon Charlottesville (357 beds) – University of Virginia; Charlottesville, VA.

Uncommon Charlottesville, a six-story building located at 1000 W. Main St., is a short 12-minute walk from the Lawn at the University of Virginia and adjacent to the university hospital and medical center. Optimally located between the University of Virginia campus and downtown Charlottesville, the 122,000-square-foot community includes 357 beds across studio, one-, two-, three- and four-bedroom floor plans. Amenities include a 24-hour fitness facility, golf simulator, pool with sundeck, business center, group meeting room, private study lounges and coffee bar. Indoor bike storage and gated parking are available. The property also houses Hardywood Park Craft Brewery and cycling studio Purvelo, which occupy 6,200 square feet of ground-level retail space.

Uncommon Madison (410 beds) – University of Wisconsin-Madison; Madison, WI.

Uncommon Madison consists of one 10-story building offering studio, one-, two-, three- and four-bedroom suites comprising a total of 410 beds. Located at 110 N. Bedford St., the community is an 11-minute walk to the University of Wisconsin-Madison Memorial Library. On-site amenities include a high-tech health and fitness center; business center; coffee bar; club room; several lounges; outdoor courtyard with grilling stations, social seating and bag toss area; rooftop terrace with fire pit; indoor bike storage; and garage parking. In addition to offering convenient access to campus, the community is also steps from the Kohl Center and within walking distance of Camp Randall Stadium and popular shopping, dining and nightlife destinations around State Street, University Avenue and Capitol Square. Café Social, a locally owned coffee and pastry shop, is located in the lobby, serving both residents and neighbors of the surrounding community.

Uncommon Tampa (512 beds) – University of South Florida; Tampa, FL.

Situated at 14202 N. 42nd St., just six blocks from the University of South Florida campus, Uncommon Tampa is a six-story, 512-bed community offering a mix of two-, three- and four-bedroom suites. Community amenities include a fitness center, business center, coffee bar, multiple lounges, and a courtyard with grilling stations, a pool and sundeck. Bike storage and indoor garage parking are also available. The property also includes Felicitous Coffee, a neighborhood coffee and pastry shop that occupies space in the lobby and is open to the public.

HERE Kansas (624 beds) – University of Kansas; Lawrence, KS.

The largest private student housing development in Lawrence, Kan., HERE Kansas includes 624 beds and 15,000 square feet of retail space. The eight-story, 455,000-square-foot mixed-use complex at 1111 Indiana St. is located along a university shuttle route and is a six-minute walk to the University of Kansas Memorial Union. Indoor amenities include a basketball court; fitness center with Fitness on Demand^®; coffee bar; club room/arcade; media room; and bike storage room with repair station. An outdoor amenity deck overlooks Memorial Stadium and features an infinity edge pool, hot tub and cabanas, while a lower deck includes an outdoor theater, yoga lawn, fire pit and grilling stations. Garage parking is also available.

NXNW (648 beds) – West Washington University; Bellingham, WA.

Located at 800 Viking Circle in Bellingham, Wash., NXNW Bellingham boasts 350,000 square feet of living and amenity space just one mile north of the West Washington University campus. Comprising 13 three-story buildings with 648 beds, the garden-style community offers two- and three-bedroom suites ranging in size from 957 to 1,421 square feet. A 3,000-square-foot clubhouse features a library, study lounge, computer center, 24-hour fitness center, tanning beds, game room and coffee bar. Outside, residents can enjoy a fire pit, grilling stations, and outdoor chess and ping-pong tables. On-site parking and transportation to campus are also available for residents.

The Foundation (725 beds) – California State University, Sacramento; Sacramento, CA.

The Foundation comprises 10 three-story buildings with a mix of two- and three-bedroom suites, as well as two-story townhouse options, for a total of 725 beds. Located at 3075 Redding Ave., just a half-mile south of California State University, Sacramento, the garden-style community offers a resort-style pool with TV lounge and grilling stations; outdoor volleyball and basketball courts; a 24-hour fitness center; resident lounge and game room; study lounge; computer center; and coffee bar. Residents are within walking distance of a Target store and also have access to on-site parking and private shuttle service to campus.

Evolve Allendale (600 beds) – Grand Valley State University; Allendale, MI.

Located at 4967 Pierce St., Evolve Allendale is a garden-style apartment complex consisting of 10 three-story buildings approximately one mile west of the Grand Valley State University campus. Offering two- and three-bedroom suites, the buildings collectively house a total of 600 beds. In addition to boasting the largest resort-style pool in Allendale – complete with an in-pool volleyball court and tanning shelf – Evolve Allendale offers a poolside lounge, fire pit, and outdoor basketball and sand volleyball courts. A 24-hour fitness center, computer lounge, study lounge, clubroom and game room round out the amenity offerings. On-site parking and complimentary bus service to campus are also provided.

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