United Development Corporation

Whitewater,

Student Housing Market Study — Whitewater, WI

In 2010 United Group engaged B&D to prepare a market study related to the proposed development of an off-campus student housing property located near the University of Wisconsin-Whitewater in Whitewater, Wisconsin. To complete the market analysis, we adopted the following process: a tour of the proposed project site to understand opportunities and constraints; a series of intercept interviews with students to understand the campus culture and housing preferences; a review of the university’s demographic profile and a survey of its current and planned housing stock; and an analysis and comparison of competitive properties in the market. Our analysis of competitive properties included a thorough review of the off-campus market within the context of location, quality, and rental prices. We adopted the same approach for the proposed project, and as a result were able to help refine United Group’s concept based on market realities. We identified sufficient market demand in Whitewater to support an upscale, student-oriented housing development and concluded that students would be willing to pay a small premium over current market rates if offered a new, high-quality option close to campus.