Established in 1847 and located on 1,900 acres of land in southeast Iowa, the University of Iowa is the flagship university of the state with an enrollment of more than 30,000 students, including approximately 2,400 international students. The University engaged Scion to examine options for the replacement, renovation or elimination of its aging family and graduate housing facilities. These residences, collectively known as Hawkeye Campus Housing, currently serve University of Iowa graduate, undergraduate, single and family students, with a significant population of international students. Aware of Hawkeye Campus Housing’s deteriorating physical condition, the University hired Scion as a consultant and advisor to assess the feasibility of long-term options.
Scion’s scope of work included the assessment of existing housing facilities and the examination of the University’s previously completed studies. Scion also reviewed financial and operating data, analyzed the local rental market, conducted resident focus group sessions, and interviewed several key University stakeholders. In keeping with the University’s best interests and the needs of the student population, Scion presented achievable and financially prudent business cases for the University’s consideration. The University accepted Scion’s assessment and moved forward, seeking a partner to assist in the redevelopment of Hawkeye Campus Housing.
The University’s selected developer, Balfour Beatty Campus Solutions, hired Scion to complete a market study for a replacement housing project. This market study – which was completed on an expedited basis – was used to confirm the project’s rental rates and unit mix to the University’s Board of Regents and Balfour Beatty’s investment committee. The project was approved, financed, and opened to 100% occupancy.