Student Housing Business is the voice of the student housing industry.
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MARCH/APRIL 2015 STUDENT HOUSING BUSINESS .COM 92 MARKET PROFILE: COLLEGE STATION, TEXAS According to Peak's business development manager, Theresa Kolososki, "The dynamics of College Station are unique. In almost every year since 2007, there have been new sup- ply additions, and those supply additions have translated into 1,000 to 2,000 new beds per year. However, the market has largely done well with absorbing those beds." Marcus & Millichap's Eastwood Multifamily Group Student Housing Specialist Teddy Leatherman has completed research that shows the increase in development has resulted in talk of small amounts of market erosion. "However," Leatherman writes in her Student Housing Market Update, "the 2 to 3 percent average annual enrollment growth of Texas A&M; and nearby Blinn College has stimulated enough absorption to muffe the effects of ele- vated supply." "Oversupply depends on the universi- ty's ability to keep this enrollment momen- tum going," Leatherman told Student Housing Business. "Last year was the frst year College Station saw concessions added to the market, as well as a decrease in occupancy for units farther from campus than adjacent to it." Leatherman focused in her report on the Dwight Look College of Engineering's 25 by 25 initiative, in which that program hopes to have an enrollment of 25,000 students in the next 10 years. This will account for 11,000 more students just in engineering than are currently enrolled now. According to Leatherman, this academic year, Texas A&M; added more than 3,300 new stu- dents, and more than 2,300 new beds. New developments that opened in fall 2014 include The apartments at 2818 Place in College Station, managed by Peak Campus Management, are fully furnished, come with complimentary Internet, cable with HBO, water and sewer, and are located near a Walmart, Target, H-E-B grocery and the university campus. © 2015 CORT. A Berkshire Hathaway Company. Max out your occupancy by providing stylishly furnished units that students will love. Visit cort.com/studenthousing or call 888.304.2112 AIT LIST