As a testament to the pressing demand for student housing in proximity to the University of Ontario Institute of Technology (UOIT) and Durham College in Oshawa, units have completely sold out for Podium Developments and Building Capital's University Studios. The first phase of the 8-storey Wallman Architects-designed student residence sold out in just two weeks, followed by the final phase, which sold out in an astounding two days.
“The quick sales result comes from the nearby campuses. University of Ontario Institute of Technology (UOIT) and Durham College currently aren’t committed to building more student housing so, University Studios gives students the option to live near the campuses", said Saqib Qureshi, Partner at Building Capital. "Our development, next to UOIT and Durham College, caters to the growing demand for student housing in Durham Region.”
Many of the units were snatched up by investors who aim to rent them out to students. In addition to student housing demand, the Oshawa area is experiencing a surge in population that has had an impact on real estate prices in the city. Appreciation rates are projected as high as 15%/year for some areas of Oshawa.
“As an investment, at $149,990, University Studios was the best deal in the GTA. The units are fully-managed by Varsity Properties and offer a hands-off real estate property,” said Bernard Luttmer, Director of Podium Developments. “All that combined with the three year Vendor Leaseback included with every unit, so it’s no surprise investors were quick to grab this opportunity.”
University Studios' SmartStudios™ unit concept, inspired by similar student residences in Sweden, features a space-saving design that utilizes a number of design features specifically tailored to the needs of students. “The concept, to provide all facilities in a very compact studio suite size, has become an international reality in cities such as New York and San Francisco, and has now arrived in the GTA,” said Podium Director Oskar Johansson.
Additional information can be found in the project's dataBase entry, linked below. Want to share your thoughts regarding the development? Leave a comment at the bottom of this page, or join in the discussion in our associated Forum thread.
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