Buckingham Companies and Indiana University Open The Beverly, a $81 Million Student Housing Community in Bloomington

BLOOMINGTON, Ind. — Buckingham Companies and Indiana University celebrated the grand opening of The Beverly on Sept. 18, 2026, with a ceremonial ribbon-cutting and the launch of a new scholarship fund, marking the completion of the university's first public-private partnership for student housing.

The six-story community at 400 E. 7th St. contains 162 units and 420 beds, replacing the former Poplars Building on Seventh Street. The project carried a reported development cost of $81 million and was essentially fully leased for its inaugural academic year shortly after opening.

A Campus-Adjacent Community Built for Student Demand

The Beverly sits at the corner of East Seventh and North Dunn streets, less than a block from IU's Sample Gates and within walking distance of downtown Bloomington. The building's brick and Indiana limestone exterior was designed to complement the surrounding campus architecture while creating an active connection to both IU and the broader downtown district.

Units are furnished and range from studios to four-bedroom apartments, with leases structured by the bedroom. The 420-bed program implies a development cost of approximately $192,857 per bed. Amenities include study spaces on every floor, a fitness center, resident gathering areas, private courtyards, guest suites, Wi-Fi and attached garage parking. Residents began moving in during August 2026, ahead of the formal grand opening the following month.

Initial asking rents reflected a premium for the property's location, new construction and furnished, by-the-bedroom format. A three-bedroom arrangement was priced at approximately $1,275 per bedroom per month, while studios were listed at approximately $1,969 to $2,060 per month. For the following academic year, asking rents rose to approximately $1,452 per bedroom for the lowest-priced room in a three-bedroom unit and approximately $2,038 for a studio.

IU's First Public-Private Housing Partnership

Indiana University's Board of Trustees approved the project in 2023, and construction began in 2024. The arrangement allows the university to expand housing capacity on university-owned land without directly developing or operating the building.

"The opening of The Beverly marks an important milestone for Indiana University as our first public-private partnership for student housing," said Indiana University President Pamela Whitten. "Our collaboration with Buckingham has created a vibrant new residential community that enhances the student experience while demonstrating how innovative partnerships can help us meet the evolving needs of our university community."

Buckingham Companies President and CEO Brad Chambers and Whitten participated in the ribbon-cutting together. Chambers founded Buckingham Companies 42 years ago while he was a student at Indiana University, a connection he cited in remarks at the event.

"The early success of The Beverly and the opportunity to further our investment at Indiana University with this scholarship are both deeply meaningful to Buckingham, and consistent with our values and the humility we feel at the potential impact they provide," Chambers said. "We are proud and grateful to play a role in something that honors this place, serves the IU community, and looks toward the future and all its possibilities."

New Scholarship Fund Announced Alongside Opening

Alongside the ribbon-cutting, Buckingham Companies announced the Buckingham Scholarship for Academic Advancement, backed by a $200,000 commitment from the Buckingham Foundation. The scholarship will support undergraduate students at Indiana University's Kelley School of Business.

The Buckingham Foundation annually supports more than 50 nonprofit and civic organizations through philanthropic outreach in the areas of affordable housing, community and economic development, and arts and culture.

Market Context and Industry Trends

The Beverly's near-full occupancy at opening reflects conditions in the Bloomington student housing market, where proximity to campus is a primary leasing differentiator. The project replaces an older campus-area asset with a higher-density, amenity-rich building designed around contemporary student demand, including furnished units, individual-bedroom leases and dedicated study areas.

The development illustrates broader trends reshaping purpose-built student housing nationally. By-the-bed leasing structures give operators greater revenue control and reduce friction for students seeking roommates. Institutional partnerships, meanwhile, give universities a mechanism to add housing capacity while leveraging private-sector development, financing and property-management expertise — a model IU is now testing for the first time with The Beverly.

High construction costs in urban, campus-adjacent locations make projects like The Beverly more dependent on premium rents and high occupancy. The reported $81 million development cost and 420-bed program reflect the capital intensity of new urban student housing, with the property's strong initial lease-up suggesting the market can support that cost structure in Bloomington.

Buckingham Companies manages more than 15,000 units nationwide and specializes in multifamily and mixed-use development. The Indianapolis-based firm describes its broader portfolio as encompassing more than $4 billion of real estate assets across more than 125 properties, more than 28 million square feet and over 25,000 rental units, with nearly 400 employees.

Sources

• Buckingham Companies — Indiana University Celebrates Grand Opening of The Beverly