Student Housing Business is the voice of the student housing industry.
Issue link: https://studenthousingbusiness.epubxp.com/i/564824
MARKET PROFILE: NORMAN, OK JULY/AUGUST 2015 STUDENT HOUSING BUSINESS .COM 68 room, pool, 24-hour ftness, park- ing and on-site management. David Pierce, senior vice presi- dent of University House, said, "While Bishop's Landing has served the community well since 1962, our research shows high demand for a purpose-built apart- ment project in Norman for stu- dents and others seeking a pedes- trian, high-quality campus living experience adjacent to OU." The project team for University House Norman currently consists of University House Communities as the developer, Humphreys & Partners Architects and Huitt- Zollars as the civil engineer. pre-existiNg purpOse-Built Matt Fulton, senior vice presi- dent of operations for EdR, says that Norman is a market that has undergone signifcant supply growth in the past two years. "It's one we're watching closely," he says. EdR developed its Norman property, the 612-bed Reserve on Stinson, in a joint venture that opened in several phases in 2004 and 2006, and in 2010 acquired the full interest in the community. Located less than one mile from campus, the Reserve on Stinson is one of the closest-to-campus properties in Norman. Floor plans at the Reserve on Stinson include two-bedroom/ two-bath, three-bedroom/three- bath, four-bedroom/four-bath and a larger version of the four- bedroom/four-bath that has a den instead of a hallway. The rooms at Reserve on Stinson are fully furnished and leases include utilities. Leases can be signed per-bed and full-term rates beginning in fall 2015 are two-bedroom/two-bath for $635 per person, three-bedroom/three- bath for $545 per person, 4x4 for $529 per person and the four-bed- room/four-bath alternate for $535 per person (shorter leases can be signed for additional fees). The Reserve on Stinson's prox- imity to campus and nearby retail is benefcial to EdR's marketing eforts. So too is its bike-share amenity, giving residents access to bikes they can ride to campus or shopping. The amenity has been so successful that management Photo of on-campus housing at the University of Oklahoma. Much of the housing stock at OU was built in the 1960s, but residential colleges designed as live-learn communities will come on line in 2017.