Amenities Arms Race

Student housing amenities are escalating, but the best perk will ultimately be proximity to the school, we learned at Bisnow's Chicago Student Housing Summit. (Students will forego fancy, clerestory windows, so long as the view is of their classroom.)

CA Ventures COO John Dempsey, whose New Year's resolution is to do Christmas shopping earlier next year, says the company's subsidiary, CA Student Living, looks for locations near Main Street, the library, or the football field. CA started acquiring properties in '05, and John calls the youth of the asset class exciting, because "you can really move the needle." Amenity planning is down to a science, he jokes, mentioning one of his operations guys perfecting a math algorithm for how many chairs should go on a pool deck. Social media has also changed the game. "You need to keep up, because the minute you touch something, the word's out," he says (for better or worse).

Along with running another marathon, Blue Vista Capital Partners SVP Walt Templin hopes to expand the firm's $1.3B of student housing in 2014. In the past 10 years, he's seen students and parents wanting more private space, amenities, and security. Where an Internet speed of 5MB/student was low but acceptable five years ago, we're now at 100MB and a property at the University of Texas is even trying 1GB/student. Once the water was off at one of Blue Vista's properties for a number of hours and nobody complained, but when the Internet went down for five minutes, the phones rang off the hook in the management office. The best protection against an infinity pool down the block? The quickest walk to class from your property, Walt says.

Continue reading this story with a free account

Log in or register
Sign up for more articles like this
Subscribe to Bisnow's National Newsletters
Related Stories

Trump's New Canadian Tariffs To Spike Additional Materials Costs

Wells Fargo Moves To Foreclose On $1.3B Workspace Property Trust Portfolio

Turner Construction Hit With Cyberattack, Hackers Claim Leaks Of Military Info, NDAs

Latest Round Of Fannie Mae Senior Staff Layoffs Has Multifamily Sector Anxious

Why Hines Is Restarting Its Development Engine

How Integrated Infrastructure Can Help AI Data Centers Deploy Faster, Build Smarter

Nvidia Buys Stake In Data Center Power Company

Invesco Cuts Fees, Adds Incentives To Quell Fund Redemption Requests

Investors Anchor Big Capital Into Marinas, Betting On Shallow Supply

Nike Closes 15 Stores Amid Tumultuous Year

Large Commercial Real Estate Sales Up 30% Despite Economic Headwinds

Evergrande Founder Sentenced To Life, 56 Others Sent To Prison In China