Eugene's New High-Rise: EB-5 Funds Fuel Luxury Student Housing

EUGENE, OR – January 19, 2026 – A new 14-story tower is set to alter the Eugene skyline, bringing a significant influx of high-end student housing and retail space to the doorstep of the University of Oregon. CMB Regional Centers, a veteran operator in the EB-5 Immigrant Investor Program, has announced the launch of its latest project, CMB Group 96 – The Ellis. The development, a collaboration with Portland-based Fields Holdings, represents a $128.2 million bet on the continued demand for luxury student accommodations, financed in part by up to $40 million from foreign nationals seeking U.S. residency.

The project underscores a growing trend in which international capital, channeled through the federal EB-5 program, is directly funding large-scale urban development in university towns across the United States. The Ellis aims to provide 306 apartment units, housing up to 685 students, alongside 17,000 square feet of ground-floor retail space in a market facing complex pressures.

An Investment in Residency and Real Estate

At the core of The Ellis's financing strategy is its designation as a High-Unemployment Targeted Employment Area (TEA). This status is a critical component of the modern EB-5 program, which was overhauled by the EB-5 Reform and Integrity Act of 2022 (RIA). For investors, the TEA designation lowers the required investment from $1,050,000 to $800,000 and grants them access to a reserved pool of visas, potentially shortening the often-lengthy path to a green card.

To qualify, a project must be in an area with an unemployment rate at least 150% of the national average. While the broader Eugene-Springfield metropolitan area has recently posted unemployment figures below this threshold, TEA designations are often granted based on specific, localized census tracts. USCIS now holds the final authority on these designations, a change intended to bring consistency to the program. CMB's ability to secure this status is a key selling point for attracting capital.

“We evaluate each potential project rigorously with the aim of giving our investors the best possible opportunity at securing permanent residency and obtaining a return on their investment,” said Noreen Hogan, President at CMB, in the company's announcement. “Our latest student housing project with Fields Holdings is well-positioned to do exactly that.”

The project is projected to create 881 American jobs, satisfying the EB-5 program's fundamental requirement of creating at least 10 jobs per investor. For the city of Eugene, it represents a significant private investment in its urban core.

Navigating Eugene's Dual Housing Market

The Ellis enters a student housing market that is both tight and, in some segments, oversaturated. While Eugene's overall rental vacancy rate hovers around a low 3-5%, creating persistent affordability challenges, the purpose-built student accommodation (PBSA) sector tells a different story. Recent market analysis reveals a PBSA vacancy rate of over 8%, a consequence of a construction boom over the past decade that has outpaced the growth of its target demographic: out-of-state students.

Enrollment at the University of Oregon, after years of growth, has shown signs of plateauing. This dynamic creates a highly competitive environment where new developments must offer superior products to attract tenants. The Ellis appears designed to compete at the very top of this market. The planned amenities read like a luxury resort catalog: a pool and courtyard, resident lounge, fitness and yoga studio, basketball court, private study rooms, a dog run, and a rooftop deck.

This strategy targets modern students who demand more than a traditional dorm room, seeking a lifestyle hub that blends living, studying, and socializing. By offering a mix of studios and one- to four-bedroom units, the project aims for flexibility, but its success will hinge on its ability to command premium rents in a market where a significant portion of new supply is already sitting empty.

A Partnership Built on Experience

Navigating these market complexities requires seasoned developers. The partnership pairs CMB Regional Centers, an EB-5 pioneer with a history dating back to 1994, with Fields Holdings, a developer with a significant footprint in the Pacific Northwest.

Fields Holdings brings direct, relevant experience to the table. The firm previously developed The Union at 13th & Olive, another high-rise student housing project in Eugene, giving them firsthand knowledge of the local construction landscape, regulatory environment, and market dynamics. Their portfolio includes numerous mixed-use and urban infill projects in Portland and beyond, demonstrating a clear specialization in this asset class.

CMB, for its part, touts an impressive track record. The company claims to have a 100% project approval rate across 93 adjudicated partnerships, having helped over 6,800 investor families immigrate. While such figures are self-reported and difficult to verify independently through public records, CMB's longevity and the sheer volume of capital it has managed—claiming over $1.5 billion repaid to investors—position it as one of the most established operators in the EB-5 industry. This history provides a layer of confidence for investors entrusting both their capital and their immigration hopes to the project's success.

Securing a Major Urban Development

A key factor de-risking the $128.2 million venture is the early commercial success of its retail component. The press release announced that a 15-year lease has already been signed for 10,000 of the 17,000 square feet of retail space with a major American fast-casual restaurant chain. While the tenant's name has not been publicly disclosed, securing a long-term anchor of this nature provides a stable, predictable income stream from day one.

This commitment from a major national brand serves as a powerful validation of the location's commercial viability. It suggests that the chain's own market analysis aligns with the developers' projections for foot traffic and consumer demand in the area. For a mixed-use project, a strong retail anchor not only generates revenue but also enhances the property's appeal to its residential tenants, creating a self-reinforcing ecosystem of convenience and activity.

As construction moves forward, The Ellis will be a closely watched development. It represents an ambitious effort to deliver a premium product into a nuanced market, leveraging an experienced team and the unique power of the EB-5 program. The project's ultimate performance will not only shape a key corner of Eugene but also serve as a high-profile test case for the future of luxury student housing and foreign-funded development in American university towns.