Midwestern University is tackling the rising rental costs and student housing shortage head-on with a massive new on-campus housing initiative:
🧱 Project Overview
- Investment: Up to $95 million for new student housing.
- Developer: Phoenix-based Chanen Construction.
- Scope: 256 individual apartment-style units across eight two-story buildings.
- Location: North end of Glendale campus near Loop 101 & 59th Avenue.
- Timeline: Full completion by end of 2025; some buildings ready by fall 2025.
🎯 Project Highlights
- Units designed for single occupancy: bedroom, living room, kitchen, bathroom, patio, and a study-sized walk-in closet.
- Monthly rent will be below market rates to help ease financial burdens on grad students.
- Campus housing currently 100% occupied with a long waitlist—strong demand expected for new units.
- This is the 6th phase of housing construction by Chanen for the campus in nearly 30 years.
📈 Economic Impact
- Project is part of a $269.7M capital plan by Midwestern University.
- Estimated $767M in local economic impact from 2023-24 alone.
- Adds thousands of construction and support jobs to the Arizona economy.
- Additional boosts from visitor spending, student expenditures, and university procurement.
🧠 Why It Matters for Investors
- Indicates continued high demand for student housing in growth corridors like Glendale.
- Signals opportunities in build-to-rent and university-adjacent housing.
- Demonstrates how institutional investment in real estate can anchor long-term value.
- Adds pressure and competition for existing multifamily and SFR rentals in the area.