Capstone Collegiate Communities and Henry Pino’s Alta Development are partnering on a student housing project near the University of Miami.
The developers are planning a 16-story, 189-unit complex with a total of 701 beds, the South Florida Business Journal reported. The project is slated for the sites at 5959 Southwest 71st Street and 7090 Southwest 59th Place, which total 0.8 acres, property records show. The partners are in contract to buy the sites, which last sold for $4 million in 2022 and $3.1 million in 2021, respectively.
The project’s amenities will include two pools, saunas and study rooms, the publication reported. Every unit will be fully furnished. Construction is expected to start in 2026 and be completed in 2028.
Capstone, based in Birmingham, Alabama is one of the largest student housing developers in the country, with more than 100,000 beds in its portfolio. Led by principal John Vawter, the firm has student housing projects across the country, but this is the developer’s first project near the University of Miami.
It is also the first student housing development for Alta. Jonathan Pavlov, Alta’s executive vice president of acquisitions and asset management, said the project will target wealthy students.
“We are going luxury here,” he told the Business Journal. “The UM student typically is an affluent student, so it’s very important to capture that market.”
Student housing has emerged as an in-demand asset class for investors and developers alike. In December, Blackstone scored a $1 billion refinancing deal for part of a student housing portfolio it bought from American Campus Communities for $12.8 billion in 2022. In October, Chicago-based Harrison Street Capital Partners closed a $2.5 billion investment fund for student housing, senior housing and data centers.
In Miami, Treo Group is building the second phase of its Vox student housing project near the South Miami Metrorail station. It landed a $53 million construction financing package for it last year.
–– Kate Hinsche
