Renegade Developments, LLC

Miami,

Student Housing And Retail Market Analysis And Financial Assessment

B&D was contracted by Renegade Development in 2015 to conduct a market analysis for proposed on-campus student housing developments at Miami Dade College. When enrollment reached 20,000 students, Renegade planned to build a 17-story, 600-bed residence hall with diverse unit configurations and ground-floor retail to serve MDC students. We were tasked with addressing the following key questions: Does sufficient demand exist for student housing to support the targeted development? Does the unit type distribution for each project align with expected demand? What is the level of risk/competition that exists from the off-campus market?

We conducted a Strategic Asset Value session with Renegade and the college to understand their vision for this first on-campus student housing facility. The outcome from the visioning session was a clearly defined series of strategic objectives, which was critical in helping us define the best suited program. A market analysis included demographic and off-campus housing analyses, a preliminary demand assessment, and an analysis of projected rental rates. A summary outline of spaces also was prepared, as was a financial model and pro forma. We determined that market and financial factors were sufficient for Renegade to develop the project. At the same time, we advised Renegade to consider a series of risk mitigation measures to enhance the projects’ viability.