Imagine leather furniture, wide-screen plasma televisions, pools, beach volleyball courts, day spas, tanning booths, theaters and concierges. Were you thinking resort hotel? Nope. This is today’s college crash pad. There’s an investment opportunity here. The recession is grinding on painfully for owners of apartments office properties, hotels and shopping malls. But owners of student housing face far less distress. What’s more, two of the biggest players in student housing are publicly traded real estate investment trusts.

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