Investors have poured billions into off-campus housing, building luxury complexes that resemble resorts.

Bloomberg reports.

Off-Campus College Dorms Now Resemble Spring-Break Hotels

Two resort-style pools, with deckside cabanas. A beach volleyball court, professional-grade barbecues, and around-the-clock staff. Sounds like a good place for a college student to spend spring break—if she didn’t already live there.

Purpose-built student housing such as the Stadium Centre apartments—the 710-bed complex described above, a short walk to Florida State University’s Tallahassee campus—has become increasingly upscale over the past decade, driven by rising enrollments and an infusion of new capital. Investors seeking recession-resistant assets poured an estimated $4.5 billion into the properties last year, up from $3 billion the year before.