Prospera's 'The Hub' Poised to Become UVU's Premier Student Housing Project
The development holds a groundbreaking ceremony with guests, including development partners, city officials, contractors and other guests.
LEHI, Utah, August 6, 2019 (Newswire.com) - Prospera Growth Fund celebrated one of its anchor portfolio projects Wednesday with a groundbreaking ceremony at the project site in Orem, Utah. The HUB Apartments is a $91 million luxury student housing project that will boast 282 units and 1,044 beds. The two six-story buildings and parking structure surround a courtyard swimming pool, extensive amenities, functional lounge areas, a fitness center, an events center and even community rooms. Framing on Building A, which sits at the corner of 800 South and Geneva Road, has commenced, bringing the total project to approximately 10-15% complete. The groundbreaking for Building B allowed Prospera to highlight the status of the project and update existing and prospective investors, as well as the community, of what is yet to come.
In attendance were city officials, members of the prospective management team, Prospera Growth Fund’s staff, contractors and subcontractors, several guests, and even Willy the Wolverine, UVU’s mascot. The brief presentation highlighted the school’s growth and how The HUB Apartments will address a portion of that growth, beginning in the fall of 2020. This comes at a time when many question the status of the broader U.S. economy and real estate market.
“The environment here is unlike almost any other. We are investing in the most highly demanded asset class in an area experiencing unparalleled growth,” Sean Clark, CEO and Fund Manager of Prospera Growth Fund, stated. “This project not only provides a tremendous product to the school and community, but it happens to be everything that matters to investors in providing a recession-resistant asset class. Student housing has been notably recession-resistant, so at the top of the market cycle, we are very pleased with this position."
Clark is also the developer of record of the adjacent Promenade Place student apartments and was centrally responsible for the acquisition of the land, entitlements and development of The HUB Apartments.
Utah County is the fastest-growing county in Utah for both net migration and absolute growth. UVU is the fastest growing university in the country. With those dynamics, UVU is committed to extending academic and financial resources beyond its primary campus, mostly accessible by the expanded Frontrunner line(s). The Hub Apartments puts students steps away from accessing UVU’s primary and future campuses. The Main Campus will be connected to The HUB by a new state-of-the-art pedestrian bridge slated for the end of 2019. The West Campus for the Health Sciences is an immediate neighbor to The HUB. The new vineyard campus is just minutes up the Frontrunner line. With over 400 acres of landmass included in UVU’s Master Plan, The HUB is among the most centrally located housing option for decades of future students.
“This is where and how UVU students should be living,” said President of Prospera Growth Fund, Kellen Jones. “As it is, thousands of students are commuting to school, overpaying market rates for basement apartments, away from their peers and classes. The HUB is at the epicenter of student life and remarkably accessible. And it’s clear that the community agrees that these few blocks of Orem City are the best place for any new student apartment development, hands down.”
Wasatch Commercial Builders, a company of Dell Loy Hansen’s The Wasatch Group, estimates it has 90-125 contractors onsite on any given day, working at an accelerated pace to accomplish Building A’s availability for the 2020-2021 school year. Scott Overman, President, led a hard hat walking tour of some of the most exciting progress for a handful of guests. Method Studios is the project architect, known for its attention to detail, design and quality. Redstone Residential with become the property manager upon completion.
Clark added, “We have a team that thinks like owners. They care about the things we care about, so the project can be built as efficiently as possible. I don’t think there is another student housing project in the state that compares to what we’re doing here. Our purpose-built approach exceeds the standard defined by the detailed demands of today’s student renter and their parents.”
Redstone Residential, the seventh-largest student housing manager in the country and largest in the market, reinforces the off-the-charts data that supports the current demand and projections of growth.
Clark and Jones discussed the activity in the area leading to their purchase of the remaining parcel for major student housing development (up to 1,600 beds), currently known as University Downs. That 6.52-acre parcel sits on the last open corner of I-15 and University Parkway and slated for final approvals and ground-breaking sometime in the next six months.
“There is so much energy around these projects, as there should be,” Kellen Jones said, “While the opportunity still exists in our projects, conscious, accredited investors will quickly act.”
About Prospera: The HUB Apartments is primarily owned and developed by Prospera Growth Fund, a Regulation D 506-C private offering for accredited investors, focusing its capital on high-yield growth-oriented projects. Its portfolio exists around recession-resistant asset classes like student housing, affordable multifamily, self-storage and others. The fund's manager has a near 12-year track record in posting double-digit net returns to investors annually, backed by senior-secured real estate collateral. The Hub Apartments is a 1,044-bed, 282-unit luxury student housing development in Orem, Utah slated for initial lease-up during the Summer of 2020, central to Prospera's model. Learn more at www.prospera.fund.
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Source: Prospera Growth Fund
Categories: Real Estate Investments