University Student Living and UC Davis Close on $575 Million in Financing for Development of Student Housing
DAVIS, Calif., December 13, 2018 (Newswire.com) - University Student Living, LLC, the private-sector development partner of the University of California, Davis, announced today that construction is poised to start on a major expansion of the university’s on-campus housing, following the successful closing of $575 million in financing.
The development will add approximately 3,300 beds to UC Davis’ West Village, with the first 1,000 beds expected to be delivered by the start of the Fall 2020 academic year.
Being able to transform the University's vision for West Village into reality is both an honor and a privilege.
Joe Coyle, President, University Student Living
“Being able to transform the University’s vision for West Village into reality is both an honor and a privilege,” said Joe Coyle, president of University Student Living. “We are grateful that UC Davis has entrusted us with this important initiative to deliver high quality and affordable student housing for its growing enrollment of both undergraduate and transfer students,” Coyle said.
The full $575 million in project costs will come from the proceeds of a tax-exempt bond sale, the largest bond sale ever in the country for a single project.
“The successful sale of tax-exempt bonds is an exciting milestone and represents a vote of confidence by the financial markets for this ambitious student housing project,” said Kelly Ratliff, associate vice chancellor for finance, operations, and administration.
The new complex, set on 34 acres, will comprise nine four-story apartment buildings along with indoor and outdoor community space and recreational fields. A 10,000-square-foot community building will house a fitness center, multipurpose room, and student support services. Sustainability building practices will be employed, and the new housing will be 100% net zero energy.
The West Village expansion project was approved by the UC Regents in July 2017, and in October the UC Davis selected University Student Living from among six developers previously vetted through the UC Student Housing Initiative. In addition to University Student Living, the development team includes Stantec as the architect and CBG Building Company as the general contractor.
“Increasing our on-campus housing inventory for our students has been a goal for us for many years. Moving this project into construction is an important step forward,” said Emily Galindo, interim vice chancellor for Student Affairs at UC Davis.
When complete, the new apartment communities at West Village will be owned by the non-profit Collegiate Housing Foundation, which will hold the ground lease from the University of California. Once the community is operational, the staff and resident life programming will be under the auspices of the University, while University Student Living will provide property and facility management that is aligned with the University’s mission.
UC Davis also selected University Student Living to bring new housing on the former site of Orchard Park Apartments, aging on-campus housing that was demolished last year. That development will provide at least 200 affordable, two-bedroom apartment units to serve UC Davis students with families and accommodation for more than 700 single graduate students.
A groundbreaking celebration for West Village is planned for early in the new year.
About University Student Living: University Student Living, LLC is the comprehensive student housing company of The Michaels Organization, a national leader in residential real estate, with full-service capabilities in development, management, finance, and construction. University Student Living is one of the most active student housing developers and managers of on-campus and off-campus communities in the country. The Michaels Organization brings comprehensive solutions to communities that jump-start housing, education, civic engagement, and community prosperity, and is committed to creating communities that lift lives.
Source: The Michaels Organization
Related Media
