California State University Channel Islands
Student Housing Feasibility Analysis
In December 2004, California State University Channel Islands engaged Brailsford and Dunlavey to perform a feasibility study for construction of Phase 2 of its student housing facilities. The University sought to provide an affordable living environment in residential units that would offer privacy, yet also promote a greater sense of community. As a supplement to apartment-style units offered in Anacapa Village, the University intended to construct suite-style accommodations (units without kitchens) designed specifically for freshmen and sophomores.
B&D
initiated the study by interviewing University
senior administration and touring Anacapa
Village, the first on-campus housing complex at
the University. The market research included
student focus groups, an Internet-based student
survey, and qualitative and quantitative
analyses of the off-campus housing market in
the surrounding communities. Based on the
survey results, B&D developed a demand
model to project the number of units that could
be constructed in Phase 2, in addition to the
existing Phase 1 apartments. The final step in
B&D's study was a financial analysis that
produced a 10-year operating pro forma.
Based on
the results of the feasibility study, B&D
supported construction of Phase 2 student
housing facilities on the Channel Islands
campus. The financial analysis, which produced
the recommended rental rates, assumed that the
facility would support its own debt service,
would pay its personnel and non-personnel
operating expenses, and would contribute to its
renewal and replacement account. B&D
recommended that the Phase 2 program consist of
100 residential units (352 beds) in full-suite
configuration, administrative offices,
maintenance areas, social/program spaces and an
office suite. In addition, the complex would
provide about 260 parking spaces for its
residents.
When constructed, Phase 2 will be approximately 105,000 gross square feet (GSF), which translates to 300 GSF per bed.