The Standard will soon be known as Yugo Crestline, where rents will begin at $995 a month per person for a three-bedroom apartment and $2,300 a month for a one-bedroom unit. Photo: Landmark Properties.
Two transactions in Charlottesville this fall illustrate how student housing is a lucrative global business with healthy cash flow fueled by households that can afford to pay premium prices for places to live.
In the past dozen years, three student-housing buildings—all valuable commodities for investors—have been constructed on West Main Street.
Madison Loft LLC sold The Flats at West Village in October 2025 for $107 million, a sum that is more than 16 percent over the assessed value. The 595-bedroom apartment complex is now run by the Scion Group, an operation that has more than 95,000 beds in 83 college towns across the world. Also included in the company’s portfolio is Lark on Main, which Scion purchased in April 2017 for $59.5 million.
In late November, Landmark Properties and a subsidiary of the Abu Dhabi Investment Authority sold a portfolio of eight student-housing properties across the U.S., including The Standard for more than $1 billion. All are in what are considered to be Tier-1 markets.
“This student-housing portfolio fully aligns with our strategy to acquire high-quality, resilient assets in prime locations,” said Will Milam, head of U.S. Investments at Morgan Stanley Real Estate Investing, which will co-own the properties with a firm called Global Student Accommodation.
“We are pleased to partner with GSA to strengthen our market position to capture the ongoing demand for student housing in some of the country’s top university markets,” Milam continued.
This acquisition expands its portfolio to nearly 24,000 beds across 36 cities in 23 states.
So far there’s no specific transaction in city records, but a press release announced a new name and new management company.
“Yugo, the leading U.S. and global student-housing operator, will manage and rebrand the newly acquired assets, creating further scale and operational excellence with enhanced student experiences across the portfolio,” said Nicholas Porter, CEO of the Dot Group, which includes both Yugo and GSA.
The Standard will now be known as Yugo Crestline, with rents beginning at $995 a month per person for a three-bedroom intended for four occupants in the Camden layout. There’s also the Astoria one-bedroom unit for $2,300 a month.
“Hit your goals in the study lounge, or take a break in the clubhouse, computer lab, or golf simulator,” reads the rebranded website. “With on-site retail and dining options just steps away, Yugo Crestline truly has it all.”
There are no retail units in the Yugo Crestline since a Potbelly Cafe franchise closed earlier this year.
The quest to build more apartment complexes for students is underway with the massive Verve transforming the landscape at the corner of Emmet Street and Jefferson Park Avenue and Blume on Ivy at Copeley and Ivy roads. And more are in development.
Landmark Properties is seeking to build another student-housing building called The Mark on Seventh Street in Fifeville. LV Collective has filed plans for an 11-story complex next to Yugo Crestline on West Main Street. Each project is being reviewed by city staff and doesn’t require approval from City Council under the new zoning code.
