“There’s a perceived value — and probably a real value,” says Jeanette Rice, head of investment research for the Americas at commercial real estate firm CBRE Group.
Fifty out of 68 off-campus student housing complexes that were sold in the first half of this year were at schools with football teams in the NCAA’s Division I, the highest level for college teams. Investors paid higher prices for apartments near these football stadiums, but they also may command higher rents in turn. Their investments also may have greater assurance of a steady stream of new tenants flowing in.
Rice says the demand for housing is higher near powerhouse football schools, which usually have a student body that is willing to pay higher rents.
Source: “College Football Is Big Money for Landlords, Too,” National Real Estate Investor (Oct. 11, 2016)
DAILY REAL ESTATE NEWS | WEDNESDAY, OCTOBER 12, 2016
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