Amber Beat: Student Accommodation Market News - October 2024, Week 03

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Missed keeping track of all the latest happenings in the student accommodation market?

Amber Beat is a weekly snapshot of the key developments in top student accommodation markets.  This newsletter provides you with all the information you need to know, from new upcoming projects to current trends, news affecting students to government policies, we’ve got you covered!

Amber Beat | News from October 11 - October 17

United Kingdom

• UK universities face 16% drop in international student visa applications amid stricter immigration policies; family visa applications plunge by 89% (Source)
• ‘BNP Paribas Real Estate’, a global financial services provider, highlights UK living sectors, including student housing, projected to surpass £470B by 2029 from a current market value of £190B (Source)
• Unite Students reports 97.5% occupancy and 8.2% rental growth in Q3 2024; plans 4,600 new beds by 2028 (Source)
• Vita Group submits plans for Birmingham's Goods Station, offering 990 new homes, 221 serviced apartments, and £245M economic boost (Source)
• Nottingham Council approves 35-bed student accommodation in Radford, down from the initial 48 rooms with £1.4M development cost (Source)
• GSA secures £110M loan from NatWest to develop 3 PBSA schemes, adding 843 beds across Bristol and London (Source)
• Torsion Group celebrates the opening of 297-bed Redgate PBSA in Nottingham, featuring BREEAM 'Very Good' rating and focus on student wellbeing (Source)
• Nottingham's £70M 'True Nottingham' student complex takes shape, set to house 752 students amidst a 20,000-room shortfall by 2025/26 (Source)
• Approval granted for 134-bed student accommodation on Former Glasgow church site despite community objections (Source)
• 460-bed student accommodation proposed as part of the University of Glasgow's campus redevelopment (Source)
• Mason Residences proposes a transformation of The Hive in Heslington into student flats, adding 34 beds and creating 35 jobs in £3.5M scheme (Source)
• Allsop, a leading UK property consultancy, launches Orlando Village PBSA in Bolton with 383 beds and expected £2.7M gross income for 2024/25 (Source)
• Sanctuary, a leading housing provider, considering selling 5,600-bed of its student schemes totalling £400M (Source)

United States of America

• Confusion arises over new F-1 visa regulations as USCIS and SEVP issue contradictory guidance on studying abroad (Source)
• Investors and Developers share strategies at NMHC 2024 Student Housing Conference amid rising construction costs and interest rates (Source)
• Harrison Street closes $2.5B Fund IX, targeting alternative real estate, including student housing, with first project at University of Wisconsin fully pre-leased (Source)
• Cal State Fullerton breaks ground on $160M ‘Sequoia’ student housing project featuring 510 beds and affordable units, set to open fall 2026 in California (Source)
• University of Maryland partners with Campus Apartments and Mosaic Development to open $148.75M graduate housing project in College Park, featuring 741 beds across 465 fully furnished apartments for AY 2026-27 (Source)
• TCNJ mandates first-year on-campus housing requirement starting fall 2025, aiming to enhance student experience through enhanced living conditions and amenities in Ewing, New Jersey (Source)
• Gortikov Capital acquires ‘Samo Collection’ in Santa Monica for $120 million, featuring 399 affordable housing units across 11 buildings (Source)
• Toll Brothers Campus Living opens $91M 'The 87' in South Bend, featuring 335 apartments and townhomes with 810 beds, the first occupancy for which commenced in 2024 (Source)
• Miami-based BridgeInvest lends $30M to refinance ‘The Rowan’ in Columbia, featuring 1,002 beds across 350 units, with hopes for financial stability by the 2025-26 or 2026-27 academic year (Source)
• Annex Group breaks ground on 542-bed student housing community at University of Memphis, set to open fall 2026 in Memphis, Tennessee (Source)
• Texas-based LV Collective plans $124 million mixed-use student housing complex, ‘Project Turtle’, featuring 1,000 beds and 299 units, set to open in Fall 2027 in College Park, Maryland (Source)
• New ‘Replay Iowa City’ complex to offer 291 luxury student apartments at 525 S. Riverside Drive, set to open in August 2025 (Source)
• Muinzer acquires ‘Samford Square’ near Auburn University, featuring 752 fully leased student housing beds for the 2024 school year (Source)
• University of San Diego plans an expansion to add 3,101 new beds, awaiting approval for phased development in Linda Vista, San Diego (Source)

Australia

• Students and advocacy groups call on Australian Government to reconsider 485 visa changes, highlighting graduates' vital role in economy and workforce (Source)
• University of Newcastle submits plans for a nine-storey student accommodation 440-bed building (Source)
• Senate approves International Student Cap Bill but advocates for removal of control over course enrolment limits in Australia (Source)
• University of Melbourne falls to lowest position in 21-year history of Times Higher Education World Rankings (Source)
• Scape achieves Australia's first 6 Star Green Star rating for 14-storey student accommodation with sustainable design (Source)
• Centurion agrees to invest $2.19M in 732-bed Lachlan Avenue Development project (Source)
• Singapore Land and a UOL Group subsidiary agreed to buy a half-stake in Brookfield's 388 George Street tower, Sydney, for $460 million. (Source)

Europe

• European Countries gain popularity as study destinations amid decline in international student application in Big Four countries (Source)
• Union of Students in Ireland (USI) urges Irish Government to address student housing crisis in new strategic plan; calls for €28,000 PhD stipend and free public transport for students (Source)
• European Investment Fund commits €50M to create housing for up to 3,500 students in central-eastern Europe (Source)
• An Bord Pleanála approves 257-bed student accommodation project in Galway despite local objections (Source)
• Hélicy Residence opens in Cesson-Sévigné, France, offering 72 affordable units for students and young professionals with rents from €300 to €400 (Source)
• New 150-unit student residence set to open in Sartrouville, Yvelines by 2027, offering affordable rents of around €400 per month (Source)
• €7.2M Galway student accommodation site approved for 272 beds, gym, and retail complex (Source)
• New 450-unit housing complex opens in Paris' 13th arrondissement, featuring 343 student residences and 95 social housing units (Source)

Canada

• Canada limits post-graduation work eligibility for international students in fields tied to labor shortages (Source)
• Canadian rent growth hits 3-year low as international student enrolments decline (Source)
• Alignvest Student Housing sells its entire property portfolio in a $1.7B deal, creating Canada's largest student accommodation provider (Source)
• Penticton Council approves $24 million student housing project at Okanagan College, featuring 101 beds in 89 units, set to open by Fall 2025 (Source)
• The University of Victoria plans on-campus housing for 500 students to tackle the regional rental shortage (Source)