Spokane, Wash. — Campus Advantage has purchased the Jensen-Byrd building from Washington State University for $2.85 million.
The Austin, Texas-based company plans to replace the former hardware-store warehouse that was built in 1909 with a 425-bed purpose-built student housing facility consisting of two and four-bedroom apartments, a fitness center, business center, study rooms, a game and media room and outdoor spaces. The building is five stories and approximately 200,000 square feet.
Scott Duckett, executive vice president and chief business development officer for Campus Advantage, says many of the original bricks and some of the large wood support-beams will be re-worked into the new design. The company plans to break ground in summer 2012 to meet an occupancy date of fall 2013.
Campus Advantage conducted market research at WSU and the University District, which is adjacent to the east of downtown Spokane and serves several other colleges, including Gonzaga University, Whitworth University and Community Colleges of Spokane.
“With more than 14,000 students in the University District, there are 4,363 beds of on-campus housing,” Duckett says. “There is a lack of apartment housing in the downtown area, and there are no purpose-built private apartments catering to students. Spokane is a very clean, stable city that’s growing, so this is going to be an economic boost for that area.”
- Lynn Peisner