The Michaels Organization

Buffalo,

Student Housing Preliminary Market Assessment

University Student Living, part of The Michaels Organization, engaged B&D in 2014 to conduct a preliminary assessment of the housing market surrounding the University at Buffalo to inform its consideration of developing 584 apartment-style beds within a mile of campus. Total student enrollment had grown by approximately 10% in the previous 10 years, creating a need for additional off-campus student housing. The university hoped to open this new housing in August 2016. After reviewing the proposed development, we developed a demographic overview of the university’s student population, a preliminary assessment of the on-campus housing inventory, and an analysis of the student-focused off-campus housing market. While preliminary findings defined a need for additional off-campus housing, demand for atypical three-bedroom units merited further investigation. We also proposed that the housing project could compete with other student-focused properties being developed in the off-campus market by providing a convenient commute to campus and state-of-the-art amenities.