Hill Place, located in a popular section of Sixth Street near the UA football stadium, is planned for 288 units containing one to four bedrooms each with a total capacity of 840 students. The garden-style complex will offer various amenities such as a clubhouse, fitness center, study garden and two swimming pools.
At UNLV, Rebel Place will accommodate 480 students in apartments with two to four bedrooms and added amenities such as an activity center, a computer lab and a poolside theater. The complex will be located a half-mile from campus and will have its own shuttle service to take student residents to classes.
"Both universities are growing and the markets have high barriers to entry," Bob Clark, executive vice president of Place Properties, said in a release. "These projects compliment our portfolio and represent quality assets in excellent markets."
Place Properties is one of the largest multifamily developers of its kind, with 11 other developments in various stages of construction across the US. In August, the company invested$44 million in two college apartment complexes in Texas and Ohio.
In a related note, Charlotte, NC-based Campus Crest Communities formed a $220-million JV with Chicago-based Harrison Street Real Estate Capital earlier this month to develop 10 student-housing complexes nationwide. The properties, all of which will be branded as The Grove, will be located near smaller colleges in seven states. "These assets draw attractive cash yields and hold up well in tough economic times," says Chris Merrill, managing partner of HSREC.
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