Newly formed Alignvest Student Housing (“ASH”) announced it has completed the purchase of its first purpose-built student accommodation located at 181 Lester Street in Waterloo, Ontario.
Jonathan Turnbull, Managing Partner, commented: “This building represents a cornerstone of the Alignvest Student Housing acquisition and operating strategy. We believe this asset represents the high-end offering discerning students expect, and a performing investment that our investors expect.”
The property is four years old and strategically located within 500 metres of both the University of Waterloo and Wilfrid Laurier University. Combined, the two universities have over 54,000 students and have experienced a 25 per cent growth in student population since 2010 (including a 161 per cent increase in international students).
The 18-storey building has 455 beds in fully-furnished suites, and offers high-end student-oriented amenities, such as bed/bath parity, in-suite laundry, unlimited internet access, study halls, meeting rooms, a games room, a fitness facility and parking.
ASH is planning to introduce additional experience-enhancing amenities and services to the building over the next few months, including improved internet speed and cleaning services.
Canadian post-secondary student population growth is greater than many of its global peers, driven by its recession-resistant domestic and strong international student demand growth. The limited funding available to Canadian universities is decreasing their ability to provide additional beds to service the increase in demand. As a result, there is a unique market opportunity to acquire, build and operate high-quality, institutional grade PBSA assets across the country. ASH is in ongoing discussions with additional property owners and is well-positioned to consolidate the fragmented Canadian PBSA industry and become the largest owner/operator in Canada.