The need for long-term housing in university towns like Kingston is on the rise, and while new condominium developments are often targeted at the local market, the seasonal student population is often seen as a major driving factor in these regional housing markets. For the many university students that have a hard time securing on-campus residency, the rental market is the go-to. Now a new generation of investor-driven condominium developments, like PRK Developments' University Suites, has opened the doors for purchasers looking to rent out units to the student population, as well as end-users looking for an affordable entry into condominium life.

Rendering of University Suites, image courtesy of PRK Developments

With a growing demand for housing, and a prime location steps from Queen’s University in downtown Kingston, it should come as no surprise that the north tower of the Teeple Architects-designed development has sold out in less than a month. “This is an amazing achievement in such a short period of time,” said Hunter Milborne, CEO of Milborne Real Estate.

Rendering of University Suites, image courtesy of PRK Developments

Both investors and home owners are being attracted to University Suites, thanks to factors like the affordable starting price and proximity to Kingston University. “The $188,900 starting price made it easy to own for less and rent for more, and a realization of continuing positive cash-flow makes this a safe and secure income-driven investment,” said Milborne. “Investors have been very impressed with the 3-year turn-key lease back option available to generate income; while end users are equally impressed with the well-designed amenities, including a two level atrium fitness area and a roof top BBQ lounge overlooking Kingston.” 

Rendering of University Suites, image courtesy of PRK Developments

With the first tower of the two-building development now sold out, release of the South Tower is set for December 2014.

Additional information and renderings can be found in our University Suites dataBase file, linked below. Want to get involved in the discussion about this project? Check out the associated Forum threads, or leave a comment in the space provided at the bottom of this page.