Multifamily developers and investors are taking a new look at
privatized student housing as a business opportunity. Yet what
hasn't been publicized is a quiet but growing trend that
mitigates the risks associated with typical student housing and
maximizes the returns. There is an underserved luxury-apartment
niche near college campuses, and savvy developers are seizing
the opportunity.  America's top academic institutions have not
only undergraduates, but also graduate students, faculty and
administrators who need a place to live that is close to campus.
There are also young alumni beginning their professional lives,
yet reluctant to leave the vibrant university neighborhood.
Finally, affluent parents prefer that their offspring live in
upscale housing that is well managed and secure.  This audience
demands luxury apartments and will pay higher rents for them.
They want amenities like hardwood floors, high-speed Internet,
marble-tiled bathrooms and kitchens, granite countertops and
security alarms. But in mos