| Here we have Carter's Andy Feinour, another of our panelists forBisnow's Atlanta Student Housing Summit. Currently, Carter is engaged in a new 260-unit student apartment project in downtown Tuscaloosa (which is needed after the recent destruction wrought by the tornados). Carter, which has developed and operated student housing projects throughout the US, is beginning to focus on ones that need lower rents to justify as the recession—and college students' pocketbooks (or more likely their parents')—take a hit. The Tuscaloosa project will cost about $36M once completed, with a ?base amenity package? that will keep rents more moderate, Andy tells us. But since it's on the famed Riverwalk, ?it's kind of got some other selling points,? he says. It's a trend Andy's been seeing with student housing—cheaper rental rates, which means less ambitious amenities and build-outs. ?For a long time, it was sort of like if you build it they will come,? he says. Now, it's if you build it, it better be reasonably priced. |
CARTER TUSCALOOSA PROJECT
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