Budgeted capital reserve per unit for student housing projects?
Can someone please help me understand the rule for budgeted capital reserve per unit on student housing projects?  Most of the student MF deals I work on have leases specific to the bed and I will underwrite a minimum of $150 per bed.  However, the deal I am working on has leases for each unit.  For most multifamily deals, I UW a minimum of $250 per unit.  Because this is student housing, I have bumped it to $300, but is there an unwritten rule that states it should be higher ($350)?
[{"id": "c9bby13", "text": "Why not take the unit mix and apply your per bed to get a blend?", "replies": [], "depth": 1}]