Luxury Dorms Are Struggling to Fill Beds
- Non-profits financed the projects with municipal bonds
- Some projects are seeing ’a little bit of stress,’ S&P says
The roof deck at Park West.
Source: Park West/Facebook
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Park West, a 3,400-bed student housing complex near the Texas A&M University campus in College Station has a resort-style rooftop pool, three gyms and lounges with billiard tables, ping pong and flat screen televisions.
What it doesn’t have are students -- or rather their parents -- willing or able to pay as much as $1,000 a month to live there. Just over half the beds at the complex, financed largely by tax-exempt municipal bonds, were filled during the last academic year.