Housing for college students, long dominated by small players willing to put up with beer pong and raucous parties, is attracting some of the biggest names in real-estate development. 长期以来，美国的大学生公寓开发项目一直由愿意忍受beer pong啤酒游戏（注：玩家把乒乓球扔到桌子另一边的几个啤酒瓶杯内，惩罚则是对方需要把那杯酒喝掉）和喧嚣派对的小型房产商来主导；但现在，房地产行业最大的几家公司也加入了进来。

Lennar Corp., one of the nation's largest home builders, this month broke ground on its first off-campus apartment community near the University of Texas at Austin. Toll Brothers Inc., best known for its sprawling suburban homes, is purchasing land near the University of Maryland in College Park and Penn State University in State College, Pa., on which it plans to build upscale student housing. The two Toll Brothers projects, totaling about 3,100 beds, could open by 2015. 莱纳房产公司(Lennar Corp.)是全美最大的住房建筑商。2013年2月，该公司在得克萨斯大学奥斯汀分校(University of Texas at Austin)附近破土动工，兴建一个校外学生社区。托尔兄弟公司(Toll Brothers Inc.)以开发大型郊区住宅项目而知名，其正在马里兰大学帕克分校(University of Maryland in College Park)和宾夕法尼亚州立大学的大学城(Penn State University in State College)附近购置土地，打算建造高档的学生公寓。这两个项目预计于2015年投入使用，总共提供3,100个床位。

Brandywine Realty Trust, a real-estate investment trust that specializes in suburban office space and other real estate, recently teamed up with Campus Crest Communities Inc., to build a 33-story tower in Philadelphia that will serve students from several schools, including the University of Pennsylvania and Drexel University. Brandywine Realty Trust是一个房地产投资信托基金，专门从事郊区办公楼和其他一些地产开发项目。最近，该基金与Campus Crest Communities Inc.公司合作，计划在费城建造一座33层的高楼，供几个学校的学生居住，包括宾夕法尼亚大学和德雷塞尔大学(Drexel University)等。

The moves are designed to help the companies better weather the next economic recession by diversifying into areas considered less sensitive to downturns. During the real-estate crash, as prices of single-family homes declined and apartment landlords reduced rent, many student-housing landlords continued to raise rent, thanks to the generosity of parents and student-loan programs. 这些举动旨在帮助开发商实现业务的多元化，进入那些有望抵御低迷经济的领域，从而能够在下一次经济衰退中更为从容。在美国此次房灾期间，虽然独栋住宅价格下降，公寓业主被迫降低租金，但许多学生公寓的房东依然不断提高租金，这要归功于舍得花钱的学生家长，以及来自学生贷款项目的支持。

Meanwhile, established players in the market are on a buying spree in hopes of remaining competitive against the big-name newcomers. Last year, a record $3.7 billion of student-housing properties traded hands, up nearly 95% from the previous year, according to ARA Student Housing. 与此同时，已在这一市场厮杀多年的开发商正在踊跃购地，希望能在新进入的大公司面前保住竞争优势。据ARA Student Housing的数据，2012年美国学生公寓地产的交易额创下37亿美元的历史记录，比上一年提高近95%。

'A lot of people think our space is hot,' said J. Wesley Rogers, president of Landmark Properties, a longtime owner and developer with about 5,000 beds and 2,700 under construction. 'You see a lot of new players circling the space right now.' Landmark Properties地产开发公司的总裁韦斯利•罗杰斯(J. Wesley Rogers)说：“很多人觉得这是个热点，来了不少新的竞争对手，并正在大举圈地。”Landmark Properties长期从事学生公寓的开发及持有经营，目前提供约5,000个床位，还有2,700个床位正在建设当中。

The frenzy comes amid increasing debate about the skyrocketing cost of college tuition and the ease of borrowing that is leading many students to graduate with heavy debt loads. Also, the companies are ramping up construction at time when college-student enrollment has slipped, falling 1.8% in 2012 from 2011, according to the nonprofit National Student Clearinghouse Research Center. 与学生公寓开发一样热火朝天的是一场关于大学教育成本的激烈争论。人们认为大学的学费上涨过快，而且学生贷款的条件过于宽松，导致许多大学生在毕业时就背负上了沉重的债务包袱。此外，据非盈利组织“美国学生信息交换研究中心”(National Student Clearinghouse Research Center)的数据，虽然开发商正在建造更多的学生公寓，但2012年的大学入学人数比2011年减少了1.8%。

But the companies maintain that over the long term, enrollment will continue to rise, especially at large state schools where much of the construction is taking place. And they believe that demographics support an expanding industry. More than three million high-school students are expected to graduate each year until the 2021-2022 academic year, according to the Department of Education, and many of them are expected to pursue higher education. At the same time, enrollment from foreign students remains robust. 但开发商认为，大学入学人数从长远来看会不断增加，尤其是在那些较大规模的州立大学，这也正是开发商在这些地方大兴土木的原因所在。他们相信人口趋势的变化将支持市场的发展。据美国教育部(Department of Education)的预测，在2021-2022学年之前，美国每年都有超过300万高中生毕业，他们中的大多数将继续接受高等教育。与此同时，海外学生进入美国大学的数量也保持迅猛增长的态势。

Yet, most colleges and universities don't have enough beds to go around. American colleges are short a total of between 1.5 million and 2.15 million beds, according to research from consultant Michael Gallis & Associates. Moreover, many colleges and universities lack the funds needed to upgrade current dormitories or build new ones and are relying on the private sector to fill the gap. 然而，大多数美国的专科学院和综合大学都没有足够的学生床位以满足需求。据Michael Gallis & Associates咨询公司的统计，美国大学的床位短缺量在150万个到215万个之间。此外，许多美国高等院校缺少资金来升级现有宿舍或建造新的学生宿舍，需要私营板块来填补这一空白。

'They just can't accommodate all these people. Some of them have just handed over all the reins altogether,' said Will Baker, a senior vice president with Walker & Dunlop Inc., which financed $157.1 million of off-campus housing deals in 2012. Walker & Dunlop Inc.公司资深副总裁威尔•贝克(Will Baker)说：“这些学校没办法给每个学生都提供住宿，有些学校干脆把学生宿舍的建设全部委托给第三方来做。”2012年，Walker & Dunlop Inc.公司为校外学生公寓项目提供了1.571亿美元的融资。

Still, some industry analysts question whether some newcomers to student housing understand the hidden risks and high costs associated with the business, which requires more maintenance and management oversight than typical apartment housing. Students are notoriously hard on housing and they are known to hop from property to property, leaving older properties more at risk of occupancy declines. 不过，一些行业分析师质疑一部分新加入的开发商是否清楚其中隐藏的风险以及高昂的成本，因为与普通公寓住宅相比，学生公寓需要更多的日常维护和管理。众所周知，学生对于房子不是很爱护，而且流动性比较大，导致学生公寓面临空置率升高的风险，尤其是一些老旧的公寓。

Each bed typically turns over annually, and a bed that is empty when school starts often remains empty for the entire semester. Operators also have to balance the demands of students straddling childhood and adulthood, educators and overprotective parents. 通常而言，学生床位每年都会换一次主人，而且开学时还空着的床位往往会一直空到整个学期结束。学生公寓经营者还需要平衡多方面的不同需求，有的来自正从少年向成年转型的学生，有的来自学校，还有的来自过分溺爱孩子的家长。

Toll Brothers says it likely will allow property managers familiar with the student-housing business to help. 'The management is very important because you have three months to get these buildings leased up,' said Martin Connor, Toll's chief financial officer. 'You have a two-week turnover period, generally, where all your tenants move out and all your tenants move in.' 托尔兄弟公司表示，其将引入熟悉学生公寓经营的地产经理来协助管理。托尔兄弟公司的财务总监马丁•康纳(Martin Connor)说：“学生公寓的管理非常重要，因为需要花三个月的时间把床位都安排出去，此外还有两个礼拜的周转期，让原来的租户搬出去，新的租户搬进来。”

There is growing concern of overbuilding in some markets. Construction numbers for individual cities are limited, but some 40,000 off-campus beds are in the pipeline for 2013, according to ARA. The firm tracks 71 projects under way, up from about 40 last year. 一些地方的过度建设也正引起人们的日益关注。据ARA Student Housing的统计，虽然每个城市的学生公寓建设量都比较有限，但2013年约有40,000个校外学生公寓床位在建。ARA今年跟踪的项目达到71个，而去年只有40个左右。

To entice students to pay top dollar, developers are adding upscale amenities including tanning beds, resort-style pools and ice-skating rinks. Today's developments give students their own bedroom and bathroom, allowing developers to charge more rent. Depending on the market and how many students share a unit, monthly rents can approach $1,000 per bed. 为了让学生心甘情愿地支付高租金，开发商正在学生公寓中加入不少高端设施，如日光浴床、度假村式泳池和滑冰场等。新的公寓项目为学生提供带浴室的单人间，这样可以收费更高。每个床位的租金取决于其所处的地域以及多少学生共用一个单元，最高可以达到每月1,000美元。

'As today's parents know as they drop their kids off at college, these are not the most inexpensive places you can find, like some of us may have experienced in our college days,' said Mr. Connor, 48 years old. 'They are high quality, in great locations and generate significant rent.' 48岁的康纳说：“现在的父母把孩子送到大学时，心里都很清楚，如今的学生公寓可不是那么便宜的，不像我们自己念大学那会儿住的公寓了。如今的学生公寓品质高，地段好，租金也贵。”

There are concerns that some companies might be adding capacity too quickly. American Campus Communities Inc., the nation's largest publicly held owner of student housing, which spent $1.8 billion on new beds last year, surprised industry watchers earlier this month when it reported that its student housing portfolio was 43.3% preleased as of February for the 2013 academic year that begins next fall, down from 46.4% at this time last year. 也有一些人担忧，有些开发商在学生公寓建设上的步伐可能迈得过快。美国校园社区公司(American Campus Communities Inc.)是全美最大的经营学生公寓的上市企业，去年投资18亿美元用于新建学生床位。令行业分析师惊讶的是，2013年2月初，该公司发布的经营数据显示，截止到2月份，其于秋季开始的2013学年的学生公寓预订比例为43.3%，而去年同期的数字为46.4%。

'There's still plenty of time in the leasing season,' American Campus Chief Executive Bill Bayless pointed out. 该公司的首席执行长比尔•贝利斯(Bill Bayless)说：“距离租期开始还早，我们有相当长的时间来安排出租事宜。”

While it is still early, analysts are monitoring the issue. Alexander Goldfarb, a REIT analyst with Sandler O'Neill + Partners, said he is confident American Campus will fill the beds before the new academic year begins. But 'if we get another quarter and the gap is still pretty big, people may question if it's a macro issue.' 虽然还早，但分析师对此密切关注。Sandler O'Neill + Partners公司房地产信托投资基金分析师亚历山大•高德法伯(Alexander Goldfarb)说，他确信美国校园社区公司能在新学年开始前把床位都租出去，但“如果下一季度缺口还比较大，人们可能就会认为这是一个趋势问题”。

Developers' heavy construction activity has prompted Freddie Mac, which purchases student-housing loans from lenders, to turn somewhat cautious. 'You can't help but notice there's a lot of interest now going into that space,' said John Cannon, head of multifamily sales at Freddie Mac, which purchased $1.7 billion in student-housing loans last year, up 55% from 2011. 开发商的大兴土木也已引起房地美公司(Freddie Mac)的警觉，这家公司从贷款方那里购买学生公寓的融资贷款，去年的购买金额达到17亿美元，比2011年提高55%。房地美公寓销售部负责人约翰•卡农(John Cannon)说：“显而易见，现在开发商对于学生公寓的兴趣很浓。”

'You want to be careful that the market's not overheating and you're not getting ahead of yourself,' he said. 卡农说：“必须警惕市场过热，让自己保持一个清醒的头脑。”

A big reason why companies are diversifying into student housing is that they believe the sector is recession-resistant. 开发商纷纷进入学生公寓市场的很大一个原因在于，他们认为这一业务板块能够抵御经济衰退。

Kayne Anderson Real Estate Advisors, a private-equity investor with 15,000 beds, posted annual returns that exceeded 20% between 2007 and 2012, despite the economic downturn. The firm isn't worried about oversupply. Kayne Anderson Real Estate Advisors是一家拥有15,000个学生床位的私募投资公司。虽然整体经济不景气，但该公司从2007到2012年的年投资回报率均超过20%，而且表示不担心这个市场供大于需。

'I don't think we're in a situation where you're looking at overdevelopment,' said Al Rabil, managing partner of Kayne Anderson. 'In almost all cases, you're looking at a situation where development is just catching up in creating supply to keep up with demand.' Kayne Anderson的执行合伙人阿尔•拉比尔(Al Rabil)说：“我不认为现在处于过度开发状态。普遍情况是，这些开发项目都是为了增加供给，以跟上市场的需求。”