Developers Cash In On Luxury Student Housing
When you think of student housing, you may picture terrible rugs, and the smell of vomit and cheap cologne. But, student living is going luxury and developers are cashing in. Georgia's Landmark Properties, which developed the Standard (pictured) at the University of Georgia, grew 40% during the recession and is reaping huge profits as college enrollment grows and on-campus housing becomes older and scarcer. In the high stakes, competitive—yet largely ignored—student housing sector, developers are working hard to cater to demand, with fitness centers, resort-style pools, racquetball courts, concierge desks and other amenities all in one building. Only three REITs work in the student housing industry, but we may seem more soon, since developers can control their costs if they dedicate their businesses solely to efficient construction and management. [CNBC]
