provided by Servitas Collegiate Real Estate Services
Costa Mesa, California — The first on-campus student housing project at Orange Coast College (OCC) is set to break ground on Thursday October 4th, 2018 in Costa Mesa, CA. The 814-bed development will include a site plan design that revolves around campus connectivity and accessibility for the broader OCC student population.
“We are very pleased with this partnership between Servitas and OCC. It offers a student a cost efficient and convenient housing community that integrates seamlessly with the campus and offers affordable housing that will be accessible to a wide variety of students,” said Angel Rivera, Vice President of Real Estate Development at Servitas.
The project site is on campus land, structured around a ground lease, by a public-private partnership (P3) with National Campus and Community Development Corporation, a 501(c)(3) entity (NCCD). This structure allows for tax-exempt debt financing with no recourse to the College, district, or taxpayers. Between the residential community’s smart design and low-cost financing, on-campus residents will enjoy lower rates than other rents in the tight Costa Mesa housing market.