The Opus Group started construction of a 14-story student housing community near the University of Illinois Urbana-Champaign campus.
The Opus Group is partnering with The Carlyle Group on the 218-room development at John and Fourth streets, on the edge of the UIUC campus. The building will include a mix of units ranging from junior studios with built-in Murphy bed/sofa combinations, to four-bedroom units with private bathrooms for each bedroom. The development will hold 548 beds.
Security features for the development include access controlled keyless fob entry, on-site property management, security cameras throughout and solid locking doors on each bedroom. Shared amenities include a basketball court, a coffee lounge, group study rooms and lounges, a fitness center and spa, and an outdoor amenity space with fire pits, grilling stations and a pool.
The Opus Group expects construction to be completed in time for the beginning of the 2019-20 school year.
Urbana-Champaign has experienced a rush of student housing activity from developers and investors in recent years. The Bainbridge Cos. developed Campus Circle, a 524-bed student housing community, in 2016. The Scion Group completed a $1B student housing portfolio acquisition from Harrison Street Real Estate Capital earlier this month. The Scion Group Chief Investment Officer Awi Lewittes said the deal consisted of properties in top-tier campus markets, including Urbana-Champaign.
