Asset Campus Housing to Manage 3,648-Bed Student-Housing Development in L.A.
- Mar 01, 2012
March 1, 2012
By Barbra Murray, Contributing Editor
Asset Campus Housing adds a third property to its California management portfolio with a new assignment from GHP Management. ACH will oversee The Lorenzo, a $230 million, mixed-use student housing development that will produce 3,648 beds for students near the University of California in Los Angeles.
The Lorenzo will not be your traditional off-campus student housing project. Occupying nine-acres, the gargantuan property will be a study in luxury, with amenities more frequently found at a vacation resort. ACH will be able to lure the leasing public with four swimming pools featuring cabanas; a theatre with stadium seating; a three-story state-of-the-art fitness facility; a virtual gaming room; and 913 residential units featuring granite countertops, stainless steel appliances, wood flooring and the like. Additionally, acknowledging the student in student housing, the apartment community will feature computer-stocked libraries. The site will also provide 34,000 square feet of retail space.
The first phase of The Lorenzo will debut with 1,990 beds in fall 2013, followed by the delivery of the remaining 1,658 beds in fall 2014. While the property will be ACH’s first in Los Angeles, it will not be its only one in the Golden State. The company also manages Paseo Place across from San Diego State University and Capri Apartments at Isla Vista near the University of California at Santa Barbara.
ACH’s management portfolio is consistently swelling in size. The company is charged with spearheading leasing at Legends, a 548-bed apartment development scheduled to debut this August, two blocks from Stephen F. Austin University in Nacogdoches, Tex.
But ACH is busy with other activities beyond management. The company will kick off construction of a 658-bed project near the University of Arkansas in Fayetteville this spring. And as with the other student housing properties under its purview, leasing efforts are unlikely to present too great a challenge considering the fact that the college-attending population in the U.S. continues to swell. The number of 18- to 22-year-olds is expected to increase in excess of 13 percent by 2040, according to the U.S. Census Bureau.