A niche sector goes mainstream.

In the early 1990s off -campus student housing was primarily single-family homes
and small apartment buildings around universities. T e owners were local momand-
pop operators who rarely had properties in more than one market. But since
then, institutional capital has begun to recognize student housing’s potential, and
this niche play has evolved into a mainstream investment.

In 2011, U.S. student-housing transaction activity reached $2.2 billion, according
to Real Capital Analytics, a 40 percent increase from 2010 and well over triple 2009’s
total. Institutional buyers accounted for 42 percent of these transactions, up from 29
percent from 2010.

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