Construction is underway on Crest on University, an 898-bed student housing complex rising at 12099 University Boulevard, right at the main entrance to the University of Central Florida. The project, led by developer American Campus Communities, carries a construction cost of more than $85 million and is expected to be finished in time for fall 2027 occupancy.
As reported by Florida YIMBY, the site sits in Orange County at an address that was previously known as 12124 High Tech Avenue before being renamed. Construction began in 2025, per the outlet's reporting, and the finished complex will include studio, one-bedroom, two-bedroom, four-bedroom, and five-bedroom apartments, with fully furnished units, academic-focused amenities, and wellness-focused spaces. Renderings for the project show a resort-style pool and spa, fitness and wellness facilities, and study space, and the complex is described as within walking distance of University of Central Florida offerings. The exact number of stories has not been finalized, though conceptual renderings suggest the building could reach five to six stories.
A Familiar Developer Doubles Down at UCF's Doorstep
Crest on University is not American Campus Communities' first project at this intersection. According to Niles Bolton Associates, the architecture firm designing Crest on University, the same developer already operates Plaza on University next door — a 1,313-bed, 364-unit mixed-use complex with 64,000 square feet of retail at 12101 University Boulevard. Niles Bolton previously worked with American Campus Communities on that neighboring project, giving the firm a direct hand in shaping both developments at UCF's front door.
American Campus Communities itself operates as a portfolio company of Blackstone, the private equity giant that completed a $12.8 billion acquisition of the student housing provider in August 2022, a deal valued at roughly $13 billion including debt, per Blackstone's own announcement. Blackstone manages the company through its Core+ perpetual capital vehicles, including BREIT. The company formally announced plans to break ground on Crest on University in July 2025 and opened pre-leasing for fall 2027 occupancy on July 28, 2026 — the firm's 160th overall property development, according to American Campus Communities.
Filling a Housing Gap That Keeps Growing
The scale of the project reflects a housing shortage that has been building for years at UCF. The university enrolled 70,674 students for the 2025–2026 academic year, while university-owned or affiliated housing provided only 12,280 beds — leaving more than 80% of the student body needing to find off-campus housing, as Hoodline reported in its coverage of Orlando roommate trends. UCF maintains one of the largest main-campus student bodies in the country, and that mismatch between enrollment and on-campus beds has fueled a wave of private development along the university's edges.
That pressure intensified this year. The UCF Board of Trustees voted in March to raise on-campus housing rates starting in fall 2026, pushing single-occupancy dorm rooms up 21% to $4,375 per semester — UCF's first dorm hike in 12 years. The increase has narrowed the cost gap between traditional dorms and amenity-heavy private complexes like Crest on University, making off-campus options a more competitive choice for students weighing where to live.
Lease Terms and Access to Campus
Prospective residents at Crest on University will sign 12-month individual liability leases, meaning each tenant is financially responsible only for their own bedroom and a share of common areas, according to the UCF Off-Campus Housing Search listing for the property. The listing specifies a $200 application fee, a $150 administrative fee, and electricity included up to $15 per resident per month. The complex is tracking Fitwel certification for healthy building design and includes roughly 15,000 square feet of recreational and study space, per American Campus Communities.
Location is central to the pitch. Crest on University sits directly on UCF's official shuttle bus route, about 0.2 miles from The Paseo shopping center and a 15-minute walk from the university's Student Union and Recreation Center, per the housing listing. That access is meant to give non-driving students an alternative to campus congestion, a consideration that has also come up in Hoodline's reporting on UCF's Alafaya land plans. How an additional 898 beds will affect traffic along University Boulevard and Alafaya Trail — a corridor already under active county pedestrian safety evaluation — remains an open question for the surrounding East Orlando neighborhood.
