Universities turn to private developers for housing
Many universities are outsourcing their campus living operations to deal with tightening budgets and replace outmoded student housing. A $50 million, 150-unit student apartment complex called the Radian will open in August 2008 at the University of Pennsylvania in Philadelphia. It will have a fitness center, 24/7 cafe, club room and sun deck. The Radian is being built and financed by a private developer on land leased by the university. The arrangement is similar to two other deals Penn has done for apartment complexes. Temple University in Philadelphia has a similar development. Emory University in Atlanta is about to break ground on one, and Johns Hopkins University in Baltimore just completed a student housing project with private money.