College: Santa Rosa Junior College
Advisory Services: Scion Group
Developer: Servitas, LLC
Manager: Servitas Management Group, LLC
Architect: HPI Architecture & Design Collective
Underwriter: Stifel, Nicolaus & Company, Inc
501(c)3 Owner: NCCD – SRJC Housing I, LLC
Achieve housing affordability for students
Promote student equity, access, and success
Support SRJC’s Campus Facilities Master Plan and sustainability
Achieve facility and operational savings without compromising overall project quality
Local Labor and Schedule
Maximize the utilization of firms located and operating in Sonoma County
Deliver/open for the fall 2023 semester
STUDENT HOUSING COMMUNITY DETAILS
Size: 95,218 square feet - 352 beds / 258 units
Location: Southeast corner of Elliott Avenue and Armory Drive
Project Cost: $64,000,000 (estimate)
Financial Structure: Tax-exempt P3
Financial close: July 2021
Groundbreaking: October 2021
Opening: Academic Year 2023
One bedroom; shared community bathroom with the other residents on the floor. The showers are divided into individual showers and have dividers for privacy.
One bedroom that two residents share; shared community bathroom with the other residents on the floor. The community showers are divided into individual showers and have dividers for privacy.
Two single bedrooms with two bathrooms.
Four Bedroom, Two-Bath Apartment
Four single bedrooms with two bathrooms. Each resident has a private bedroom and shares the living room, kitchen, and bathrooms.
Included in Rent
Furniture (bed, desk, chair, chest of drawers, built-in closet)
All utilities (power, water, sewer, high-speed internet)
Common laundry facilities
Included in the Community
Multipurpose space for programming and lounge areas
Study rooms on each floor
Large common area kitchen on the 1st floor
Common area kitchens on each floor
Open courtyard with grills and green space
Laundry service at no cost
Secure bike storage area
Composting and recycling program for each floor
24-hour emergency maintenance
Campus police patrols and security monitoring
Financing and Ownership Structure
The student housing community is being financed and delivered through a public-private partnership utilizing tax-exempt financing to maximize control and minimize risk. This is not a college-funded project; rather, it is 100% project debt finance. The improvements/student housing community will be owned by NCCD (a not-for-profit) until the debt is paid off. By affiliating with a nationally chartered, not-for-profit owner, the College maintains input into the decision-making process assuring that the student residential experience and the intended academic outcomes are balanced with that of required financial sustainability.
There are provisions requiring that the student housing community be maintained to uphold quality throughout the life of the financing. Once the debt is paid off, the college will own the student housing community.