Lynn University, in a public-private partnership with Capstone Development Partners, has broken ground on a $40.5 million student housing development in Boca Raton, Fla. The 342-bed community is set to house students from the upper class in the fall semester of 2022. Owned by Provident Resources Group, a not-for-profit organization, the project is financed through non-recourse, tax-exempt bonds facilitated by Citibank.
Design Collective, Donahue Architecture and Design, along with Gerrits Construction, worked to provide the design for the building, while Brailsford & Dunlavey acts as an advisor to the university. Capstone will oversee management of the asset as well as facility maintenance and custodial services, in close collaboration with the university.
The development will feature a mix of studios and two- and four-bedroom apartment units with kitchens and living spaces. Amenities will comprise a community kitchen, a TV lounge, a work area, a multi-purpose room and several study lounges. Additionally, an interior garden was designed to include native and water-conserving landscaping.
The building—which will seek LEED certification to the Silver level upon completion—will utilize solar sunshades, low-E glazing, low-flow fixtures, high-efficiency HVAC systems and LED lighting. The development project will utilize locally procured material, as well as incorporate high SRI material for the roofing.
In addition, since Lynn University is an Apple Distinguished School, students will enter the hall by using mobile technology.
According to a recent research report by the National Multifamily Housing Council (NMHC), growth in the student housing community will follow a steady pace over the next decade.
Enrollment, however, will see a decline—partly because Generation Z continues to be a smaller cohort than Millennials, and also due to the pandemic-induced economic decline that has curbed the accelerated growth rate in the student population, especially for Tier III institutions.
But opportunities will exist for discerning developers charting niches where growth is expected to occur, Dave Borsos, NMHC vice president of capital markets and student housing, recently told Multi-Housing News.