Remember those college years spent sleeping two-to-a-room, socializing in tightly-packed common areas, with the smell of burnt popcorn wafting through the halls? What you may not remember are the spas, tanning salons, and beach volleyball courts, all of which can be found at The Grove, an upscale, lifestyle-driven student housing community with locations across the country.
A far cry from traditional student housing, this latest crop of luxury real estate offerings are being aimed at undergraduate and graduate students seeking a more luxurious setting in between classes.
“Even through the recession and the housing crisis, student housing development has remained robust, outperforming other sectors in part because the rising college student population increased the demand for accommodations,” stated a New York Times article.
Campus Crest, the developer of The Grove, is now planning to take its sophisticated student housing concept to the next level with a new brand of high-rise luxury properties in urban settings, equipped with everything from rooftop pools to bicycle storage to coffee bars. Operating under the name evo, the first two of these swanky new vertical communities are set to open in the Fall of 2014, one in Philadelphia and the other in Montreal.
With Fall semester here, the New York Times article raised the question whether or not the shiny new digs will end up distracting students from their academics. Although spending hours in a clubhouse with access to adult beverages doesn’t exactly foster study hour, one could argue that other perks, like receiving a text alert that your laundry cycle is complete, saves both time and stress.
“I don’t think it’s doing bad in the world to provide a nicer space for college students to live and study and rest and play,” commented Greg Henry, the chief executive of a developer who invests in such student housing projects.
This growing movement in luxe student housing is concurrent with buyers gravitating towards high-rise luxury residential developments over traditional homes. Catching on to the trend was The Hollywood Reporter, explaining that “These high-end vertical-living options offer considerable amenities for those who can afford L.A.’s sizeable spreads but choose to eschew them for a taste of urban life”.
The effects can be seen right here in Los Angeles with two new luxury leasing developments, The Huxley and The Dylan, underway in West Hollywood. The Carlyle Residences on Wilshire is another example of high-end condos on the market, boasting a full-service lifestyle just minutes from Beverly Hills. Our “My Life at the Ritz” series spotlights individuals, including USC student Tiffanie Cheng, who now call the world-class Ritz-Carlton Residences at L.A. Live their home.