Signature at Hartwell is a newly constructed student housing community located at Clemson University. Built in 2021, the four building property has 433 beds across 185 units and is situated on just over seven acres, including a 6,034 SF resident clubhouse and leasing office. It also offers residents a 7,200 SF of outdoor amenity space, including a resort-style pool.
The property is conveniently located 0.84 miles from campus and adjacent to Pendleton Road, which is a back road into campus with significantly less traffic than other roads into campus.
The property is located 0.84 miles from campus and provides a private shuttle every half hour. Additionally, the property is part of a 45-acre, mixed-use development named Hartwell Village. The development consists of residential and retail, offering residents walkable dining and shopping options.
The Property will represent the GCREIT’s first student housing acquisition. In evaluating student housing opportunities, enrollment is key. Clemson University is posting impressive enrolment numbers with its largest ever freshman classes, driving occupancy rates up with the increased housing demand.
Founded in 1889, Clemson is the second largest university by student body in South Carolina. According to Axiometrics, Clemson is expected to see one of the nation’s highest growth rates in enrollment over the next five years, second only to the University of Texas - Dallas. The University has continued to see increased enrollment trends while also admitting its largest freshman class (4,600 students) ever for the 2021/2022 school year (up 9.5% from the 2020/2021 class, which was also a record year).
Clemson is ranked #30 by U.S News & World Report among all public universities and is an NRE target university. Additionally, it benefits from a prominent football team further boosting its investor demand.
Clemson University is ranked in the top 20% of schools within the NRE Research student-housing model. The model ranks a number of the top universities in the U.S. based on a number of factors that include supply, demand, demographics, and operational performance. Through the next 5 years, Clemson is estimated to see 1.2% growth in university-owned beds and 2.6% growth in privately owned student housing. Privately-owned student housing product is expected to see 4.7% vacancy on average per annum, which is below the national average among the top 175 universities in the U.S. Axiometrics projects privately-owned housing will see 2.6% rent growth annually over this same time period, which is 20 bps higher than the 5 years leading up to 2020.