Xavier sees University Station development as key to growth
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University Station is a major campus development just outside Xavier's campus. Photo: Courtesy of Xavier University
Xavier University is strengthening its student housing options through a partnership to acquire University Station, a prominent but under-occupied mixed-use development on the edge of campus.
Why it matters: The $20 million investment is part of Xavier's push to grow its campus and student body after years of enrollment declines.
The big picture: Xavier welcomed about 920 freshmen this fall, roughly one-third more than last year, offering an early sign of a rebound.
Yes, but: The Jesuit school still faces financial challenges that led Fitch Ratings to downgrade its credit rating in September.
- Enrollment fell more than 21% between 2019 and 2024, and Xavier lost $5.1 million in FY2025, according to Higher Ed Dive.
- Fitch cited persistent deficits and weak undergraduate demand.
Zoom in: Opened in 2014, University Station has more than 600 beds, along with Xavier's bookstore, a Starbucks, Southern Grace Eats restaurant and other commercial space.
- At the time, its opening was a major part of the school's plan to expand and to improve student life.
- But today, the apartments are about 65% occupied, according to Strategic Facility Partners, the nonprofit that purchased the property.
Between the lines: SFP executive vice president Archie Chandrasekhar tells Axios she believes the occupancy rate is due to "declining enrollment for a few years … and the previous owner didn't reinvest into the property."
- SFP financed the $73.1 million purchase through bonds, allowing Xavier to manage the property without adding it to its balance sheet.
What they're saying: "This is all tied to strengthening the student experience," Xavier spokesperson David Hamilton tells Axios.
- Beyond upgrading housing, Xavier wants to encourage more upperclassmen to live on campus by expanding activities and opportunities for personal and professional development.
What's next: Xavier has other plans to that end — its new College of Osteopathic Medicine opens across the street from University Station in fall 2027, with an expected first class of 75 students.
- A three-year residency program begins in 2028-29, with plans to give upperclassmen more opportunities to participate in campus life.
The bottom line: "(This) structure gives Xavier a meaningful role in how University Station is run as we prepare to welcome upperclassmen and medical students," university CFO Kevan Buck said in a statement.