The Myriad Dubai will be located in the heart of Dubai International Academic City and within walking distance of several major universities. The community's 1,820 rooms will feature several floor plans and units with ensuite bathrooms, Wi-Fi and access to kitchens and common lounges on each floor. The community will offer separate living spaces for women and men, as well as security systems for the comfort of residents.
"The Myriad Dubai is a one-of-a-kind project that will cater to students from all over the world and add to Dubai's reputation as a center for learning," said Asset Campus Housing President Ryan McGrath. "This project also marks a major milestone for our company as we expand our presence overseas."
The property's amenities will include a study lounge and sports facilities, such as gym, swimming pools, squash court, basketball court and outdoor jogging track, as well as access to restaurants, cafes, gaming rooms, an outdoor amphitheater and nearby shopping. A key highlight for residents of the community will be the opportunity to obtain part-time jobs and internships as part of a student work initiative designed to help develop the work experience of both local and international students.
"Dubai has rapidly transformed as a leading higher education destination in the region, attracting thousands of transnational students yearly," said Mohammad Abdullah, managing director of Dubai Knowledge Park and Dubai International Academic City. "Student accommodation is a critical factor for these students, given that it will be their home for the next three to four years. The Myriad Dubai is being uniquely designed to create a holistic environment complete with a range of facilities for the needs of our students, as well as our universities that require student accommodation. Our partnership with the Strategic Housing Group will help us provide a home away from home for the many students who travel to Dubai for higher education."
The Strategic Housing Group (SHG) will manage the project's development, and its wholly owned subsidiary, The Myriad, will operate the property once it opens to residents. SHG is the Middle East, Asia and Africa Partner of Asset Campus International, which is the largest third-party student housing property management firm in the United States.
The Myriad Dubai project is sponsored by FIM Partners, a Dubai-based emerging and frontier markets investment management firm that manages more than $1.8 billion on behalf of institutional investors.
"We are believers in this very exciting project, given its strategic location in the heart of DIAC and the clear shortage of purpose-built student housing in a consistently expanding higher education market in Dubai," said Fares Bou Atme, vice president of real estate at FIM Partners. "Globally, student housing as an asset class has historically had a low correlation to other traditional real estate asset classes and has proven to be an effective diversifying addition to a real estate portfolio."
The Myriad Dubai is designed to emulate a student communal lifestyle feel of some of the largest universities in the United States while providing affordable rents and ensuring residents a comfortable and a fun community experience.
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About Asset Campus Housing
Asset Campus Housing is a third-party property management firm based in Houston, Texas. ACH manages more than 230 student housing properties across the nation, including more than 121,500 beds in over 40 states. With a growing portfolio that includes hundreds of properties across the globe, ACH provides services that include property management, asset management, development and investment services. Visit http://assetcampus.com to learn more.
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