Sterling, Specialized Partner on 1,232-Bed Project at University of Arkansas
- Feb 15, 2012
February 15, 2012
By Nicholas Ziegler, News Editor
Sterling University Housing has partnered with Specialized Real Estate Group to construct two student-housing developments — totaling 1,232 bedrooms — near the campus of the University of Arkansas-Fayetteville. The development will serve as an alternative to the more than 12 on-campus living facilities for the university’s approximately 24,000 students.
Noting that “Sterling has a great reputation nationally for developing appealing, well-built and well-managed off-campus housing,” Jeremy Hudson, a partner in Specialized described the project as one that is seeking LEED Silver certification. Phase I of the project is slated to begin construction in spring of this year, with Phase II to be open in time for the 2014-2015 school year.
“Student housing has been one of the bright spots” during the recession, Ryan Reid, executive vice president & national director of student housing for CBRE Capital Markets, told Commercial Property Executive. “It’s been resilient as a property type because, in markets affected by job losses, [younger people] went back to school.”
The project was approved by the city of Fayetteville in December of last year. Both communities will offer one, two and four-bedroom options.
“We have been focused on the University of Arkansas market for some time and are very excited about the opportunity to develop the best-in-class property at an irreplaceable location,” Brian Dinerstein, president of Sterling, said.
Student-housing developments have been gaining steam around the country. Last week, Landmark Properties and Harrison Real Estate Capital L.L.C. announced a partnership on a 774-bed project at the University of Arizona. And late last month, aided by $52 million in financing placed by Holliday Fenoglio Fowler L.P., The Scion Group and Arch Street Capital Advisors purchased a 1,345-bed portfolio spread over the campuses of the University of North Texas and Texas Tech University.