As occupancy dwindles, college dorms go beyond students

Real estate developers are seeking opportunities to buy student housing from strapped universities and convert them into apartments for white-collar workers, writes Debra Kamin for The New York Times.

Thirty percent of American universities, both public and private, are running deficits, according to Moody’s Investors Service, and the pandemic has only added to financial pressures – virtual learning has put campuses into deep freeze, with online classes slashing the population of students who would have otherwise patronised campus bookstores, coffee shops and sporting events.

“It is absolutely a perfect storm,” said Michael Jerbich, president of B Riley Real Estate Solutions. “The only thing they can do is turn to real estate or other hard assets.”
Full report on The New York Times site