Student Housing

Scape USA is targeting 20,000 beds nationwide and is prepared to invest $1 billion in Boston over the next five years.

Duncan at the session said that one of the reasons Westchester is attractive to the firm is that there has been approximately six million square feet of outdated office space taken off the market in the last 10 years or so.

The sector performs well even in downturns, a fact appreciated by a lot of buyers.

Landmark believes there's a healthy market for off-campus housing close to this growing university and says the site is a rare and large urban assemblage near a light rail station that's zoned for high-rise.

West Campus neighborhoods achieved 5.55% average rental growth since 2010 and University of Texas at Austin student enrollment is estimated to grow by 5.4% by 2020.

In conjunction with the EdR purchase, Blackstone Real Estate Income Trust, Inc. and partner Greystar Real Estate Partners also reported they had closed on the $1.2-billion purchase of EdR's student housing portfolio.

If the STEM high school project at the former IBM Somers property secures all approvals and lease negotiations are finalized, the lease transaction and the subsequent adaptive reuse project would be the largest of their kind in memory in Westchester County.

All of the student housing buildings are expected to begin operations by the fall of 2020, with the exception of the Octave at the University of Illinois Urbana-Champaign project, which is scheduled for a fall 2019 occupancy.