Mission Group Homes Ltd. has found a winning formula with its residential condominium development in Kelowna’s university district.
U-Two borders on UBC Okanagan and according to JoAnne Adamson, director of sales for Mission Group, is the best kept secret in town for student housing opportunities.
“People are hearing more and more about it as a success,” says Adamson. The first building, U-One, had 66 suites and sold out this summer after only nine months. U-Two West, the first phase, has been on the market for only five months and is nearly sold out with two suites remaining. U-Two East, the second phase, was released last month and is already roughly 40 per cent sold.
The developments will provide 56 suites each, which come with underground parking and bike storage amenities.
Adamson says part of the reason for the success is because the suites were designed to serve both the needs of students and investors.
“The vacancy rates in Kelowna hover around the one per cent mark, which ensures a high demand for student housing,” said Adamson.
U-One investors have reported achieving desirable rental rates and students are happy to live within easy walking distance to the campus.
The suite interiors reflect a clean and modern look and have bedrooms large enough to fit a bed and private study desk, equipped. All homes come equipped with internet, cable, and phone outlets and durable vinyl plank flooring The suites are open-concept design with spacious living areas and full kitchen facilities.
While student housing is an issue throughout the city for the university, accommodation just outside the UBCO campus is an even more highly desirable and rare occurrence.
The single best amenity for U-Two residents, will be the close proximity to the UBCO campus.
“We didn’t really add any major amenities to the development to avoid increasing strata fees and onsite amenity management issues for the unit owners because of the closeness to UBCO,” said Adamson.
“The university itself represents a large amenity because of the close access to the campus grocery store, convenience store and food court along with a world class gym facility.”
The ability to live so close to the campus relieves students of transportation issues to and from the campus, and allows them to come and go between class and home throughout the day.
“Not everyone has classes that fall within a four or six hour consecutive time period,” Adamson said.
“They are more often spread throughout the day, coupled with lab time, so to be able to walk back and forth is a huge bonus.
“If you have to take the bus to the campus from a further destination, you can’t leave the campus even if your classes are spread out throughout the day.”
Adamson said UBCO only guarantees student housing on campus for first year students, about 22 per cent of the university student populace, so second, third and fourth year students have to scramble to find housing off-campus each year.
For more information about the U-Two suites, check out utwoliving.com.