WATERLOO, ONTARIO—Student housing is such a hot item that investors of all stripes have been looking to get into the sector. Everyone from institutional players to REITs to high net worth private investors has put capital into the product. Now, there’s an opportunity for individual investors to get in on the action on a smaller scale.

Toronto-based In8 Development is wrapping up work on a purpose-built student housing project in Waterloo, Ontario that is comprised entirely of condominium units. Launched in January, all 58 units of Sage Condos sold out in a matter of days, and the firm is gearing up to kick off a second phase this fall.

The project is believed to be the first of its kind in the student housing business. In8 president Darryl Firsten sums up Sage Condos’ premise in one tagline: “It’s smart and it’s easy. It’s smart as a real estate investment because you know who your tenants are and where to find them. Student housing is not a trendy market that’ll go out of style. It’s easy because we make it efficient and feasible for buyers to invest in purpose-built, new construction product in a triple-A location.”