CA Student Living, the student housing investment and development division of Chicago-based CA Ventures, is set to open six student housing communities, comprising more than 3,000 beds and valued in excess of $550 million. The developments are located in Illinois, Indiana, Iowa and Ohio, as well as in Florida, and Pennsylvania.
“CA Student Living is doing what we’ve always done, delivering exceptional yet differentiated, pedestrian-oriented communities with thoughtfully designed amenities and modern accoutrements in university markets,” said J.J. Smith, president of CA Student Living. “With investor interest at an all-time high, our team of seasoned professionals are sourcing some of the best campus-adjacent opportunities in the country.”
CA Management Services (CAMS), the firm’s property management arm, will manage leasing and operations for the 2019 portfolio. The Midwest properties include The Link Evanston, a 411-bed property near Northwestern University in Evanston, Illinois; Rise on Chauncey, a 675-bed community near Purdue University in West Lafayette, Indiana; Latitude at River Landing, a 665-bed development adjacent to the University of Iowa in Coralville, Iowa and Latitude at Kent, a Kent State University development that offers 384 beds in Kent, Ohio.
Residences at each of the six properties delivering in 2019 will be fully furnished and include European-style cabinetry, quartz or granite countertops and stainless steel appliances in kitchens; in-unit washer and dryer and a 1:1 bed-to-bath ratio. In addition, residences are equipped with tech-friendly features like USB outlets, flat-screen televisions, surround sound and high-speed Wi-Fi, while some include upgraded options such as rain-head showers with Bluetooth speakers and smart features like Nest thermostats, Amazon Alexa and Phillips Hue lighting controls.
In addition to extensive amenities, each community will offer advanced security systems and additional resident services, including CA Student Living programming, designed to enhance study habits, encourage prudent financial planning and assist in attaining career goals.
“We believe that if students love where they live, it enhances their overall college experience,” Smith added. “In supporting residents both socially and academically, these developments provide a way for students to become more connected to their peers, as well as to the various activities taking place on and around campus, all of which contributes to a healthier, more vibrant academic community.”
The completions represent more than 6 percent of the 47,000 off-campus student housing beds slated to deliver this year. Since 2008, CA Student Living has delivered over $5 billion in near-campus housing across the U.S. encompassing over 40,000 beds and has begun construction on an additional nine communities, featuring nearly 4,000 beds, to be delivered in fall 2020. Together with another 24 communities in the predevelopment phase, which would deliver between 2021 and 2023, it represents a five-year tally of over $3 billion in executable development.