15-story Rise at Riverfront Crossings opens to student tenants, provides amenity-heavy lifestyle

  IOWA CITY — Nearly 600 University of Iowa students now call an upscale high-rise home.

Last month, tenants moved into Rise at Riverfront Crossings, a 15-story private student-housing development with more than 300 units. Rise is one in a string of high-end student-oriented housing complexes to come online in Iowa City, including The Quarters and a proposed 15-story four-building development at 12 E. Court St.

'Demand has grown for modern, amenity-rich housing communities that meet the high standards of today's students and parents who want a safe, functional and enjoyable living environment,' JJ Smith, principal of Rise's developer CA Ventures, said in an email statement.

The residential building is paired with a 14-story Hyatt Place Hotel, which opened this week.

Rise is opening at a time when Iowa City is experiencing high rent prices and low vacancies, but multiple large multifamily housing projects are underway.

Vacancy rates across Iowa City differ, with the area immediately around downtown Iowa City about 7 percent but the greater Iowa City area below 3 percent, according to a 2017 rental survey from Cook Appraisal. The state's median gross rent is $715 while Iowa City's is well above that, at $873, according to the US Census Bureau.

'We believe so much in this market that we've started construction on a second student housing development, Latitude at River Landing in Coralville, which will offer rental rates at a more affordable price point and is slated to open well in advance of the fall 2019 school year,' Smith said.

Take a tour of Rise at Riverfront Crossings