California State University Channel Islands

Camarillo,

Student Housing Market Study And Financial Pro Forma; Student Housing Market Study And Financial Pro Forma Update

In 2008 California State University, Channel Islands was the newest institution in the CSU system and as it continued to establish itself, the administration wanted a study that would examine existing and future housing. The university was facing increased demand for housing and asked B&D to formulate ways to help it better understand its options. Our study for the university included: an off-campus housing market analysis, a demographic analysis, a detailed financial analysis, and an enrollment vs. demand reconciliation. Our studies led us to recommend considering a two-phase option with a specific interest in developing housing that included both renovations to existing spaces and new construction for future students. We also developed a financial pro forma to demonstrate the financial feasibility of this project. In 2011 we were retained to update the study. With the university still interested in constructing a third phase of student housing (Santa Rosa Village), we were tasked with confirming whether demand for a Phase III project was present, and whether the university should proceed with building the proposed facility. We completed an off-campus market analysis, administered a student survey, and conducted a housing demand analysis, and updated its financial analysis. We found that sufficient demand existed to move forward with the approximately $57 million Phase III project.