Student housing gets a lavish upgrade

By: Matt McGovern Email
By: Matt McGovern Email
We know the apartment market is super hot right now, but here

These are not the 1960's cinderblock cells most of us knew and loved - they are high style, high rises backed by big money private developers.

PHILADELPHIA, PA (NBC) - We know the apartment market is super hot right now, but here's a derivative play that is just as smoking - student housing.

Private developers are now moving into the market and right onto campus.

These are not the 1960's cinderblock cells most of us knew and loved - they are high style, high rises backed by big money private developers.

Modernization to put it mildly. American Campus Communities, a real estate investment trust, is the largest player in the student housing space. It is swooping in, putting up swanky new dorms like the ones on campus at Drexel in downtown Philly.

Is it a dorm or a day spa?

Suites with private bedrooms, baths and kitchens. A full sized fitness center, complete with a virtual golf driving range. A multi-seat movie theater, a business center, and all for a comparable price to older dorms.

And what the growing population of international students want.

The boom is also being fueled by baby boomers - moving into college towns and eating up off campus apartments. Ironically it is all that student housing built for them, back in the 60's, that now needs to be replaced.


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