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DevelopmentNewsOn-campusVirginia

Balfour Beatty Plans $240 Million Student Housing Project at William & Mary in Williamsburg, Virginia

by Katie Sloan

Williamsburg, Va. — Balfour Beatty Campus Solutions, a developer and operator of college and university real estate and infrastructure projects, has released plans for on-campus student housing options at William & Mary, a public research university in Williamsburg. The developer formed a public-private partnership with the school to bring the $240 million project to fruition. The new student housing accommodations will exceed 1,200 new beds. The general contractors, which includes Balfour Beatty’s buildings division and Richmond-based Kjellstrom+Lee, plan to break ground this month and open for student occupation in 2025. …

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DevelopmentNewsOn-campusVirginia

Renovations Underway on Eight-Building Residential Community at Eastern Virginia Medical School

by Katie Sloan

Norfolk, Va. — Renovations are underway on Hague Club Apartments, an eight-building residential community located on the Eastern Virginia Medical School (EVMS) campus in Norfolk. The property was built in 1985 and offers 82 units. Creative Development Partners, an affiliate of Divaris Real Estate, began renovations on behalf of EVMS in December 2021. Upgrades are set to include major structural repairs, encapsulated crawl spaces, and the addition of new windows, siding, kitchen cabinets, counters, plumbing fixtures, HVAC equipment and roofing. Renovations on the first two buildings will be completed this …

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Investment SalesNewsVirginia

TSB Realty Secures Sale of 909-Bed Student Housing Property Near Old Dominion

by Katie Sloan

Norfolk, Va. — TSB Realty has secured the sale of The Next at ODU, a 909-bed student housing property located near Old Dominion University in Norfolk. The Michaels Organization sold the community to Saxum Real Estate for an undisclosed price. Delivered in 2010, the property offers shared amenities including a resort-style swimming pool and spa, 24-hour fitness center, tanning, a clubroom, business center and shuttle service to campus. Units offer bed-to-bath parity alongside features including modern appliances and washers and dryers. 

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GeorgiaIndianaInvestment SalesKentuckyNewsVirginia

Vesper Acquires Four-Property Student Housing Portfolio for $240 Million

by Katie Sloan

New York City — Vesper Holdings has acquired a four-property student housing portfolio totaling 2,761 beds for $240 million.  Acquisitions include a 635-bed community located near Indiana University; a 699-bed community located near the University of Kentucky; a 736-bed community located near Kennesaw State University; and a 691-bed community located near Virginia Commonwealth University. Jaclyn Fitts of CBRE negotiated the transaction on behalf of the undisclosed seller.  “Our acquisition of this student housing portfolio is part of a strategy to purchase best-in-market student housing properties that offer our investors superior …

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DevelopmentNewsOff-campusVirginia

Pinecrest Breaks Ground on 509-Bed Community Serving Virginia Commonwealth University

by Katie Sloan

Richmond, Va. — Pinecrest has broken ground on Parc View at Commonwealth, a 509-bed student housing development serving students attending Virginia Commonwealth University in Richmond. The 275,000-square-foot property will offer a mix of one-, two-, three- and four-bedroom units with bed-to-bath parity. Shared amenities within the 16-story community are set to include study spaces; a two-story parking garage with bike parking; a penthouse-level clubhouse; multi-purpose art studio; zen wellness terrace; outdoor courtyard; and a rooftop deck lounge with grills, fire pits and social seating. The community is scheduled for completion …

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Investment SalesNewsVirginia

Broad Street Realty Acquires Community Near College of William & Mary for $122 Million

by Katie Sloan

Williamsburg, Va. — Broad Street Realty has acquired Midtown Row, a 620-bed student housing community located near the College of William & Mary campus in Williamsburg, for $122 million. The property offers 240 units alongside 63,573 square feet of retail. The seller and further details on the property were undisclosed. 

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DevelopmentNewsOff-campusVirginia

RISE Breaks Ground on 793-Bed Student Housing Project Near George Mason University

by Katie Sloan

Fairfax, Va. — RISE: A Real Estate Co. has broken ground on The Main on University, a 793-bed student housing development located near George Mason University in Fairfax.  The community is part of a larger mixed-use development, One University, which will also include affordable multifamily and seniors housing. The student housing property will offer 317 units with a mix of one-, two- and four-bedroom floor plans. Shared amenities will include study rooms, a putting green and lounge space.  The project, which is scheduled for delivery in fall 2024, boasts a …

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ArkansasInvestment SalesNevadaNewsTennesseeVirginia

University Housing Group Sells Three Communities in Arkansas, Tennessee and Nevada

by Katie Sloan

Roanoke, Va. — University Housing Group (UHG) has sold three student housing communities located in Arkansas, Tennessee and Nevada. The three properties total 1,171 beds and serve students attending the University of Arkansas in Fayetteville; the University of Tennessee in Knoxville; and the University of Nevada, Reno. Providential Student Housing worked on behalf of Roanoke, Virginia-based UHG in the sale of the three communities. The buyer and terms of the transaction were undisclosed. 

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Investment SalesNewsVirginia

University Partners Acquires 528-Bed Community Near the University of Virginia

by Katie Sloan

Charlottesville, Va. — University Partners has acquired The Pavilion at North Grounds, a 528-bed student housing property located near the University of Virginia in Charlottesville. The community was developed in 2013 and offers a mix of one-, two- and three-bedroom units with bed-to-bath parity. Shared amenities include a resort-style swimming pool, courtyard with fire pit, game room, pet park, business center and study lounge.  Tim Bradley of TSB Capital Advisors arranged the transaction and CBRE Capital Markets originated supplemental financing on behalf of University Partners. “We have targeted the Charlottesville …

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Fairfax-Development
DevelopmentNewsVirginia

FCRHA Closes on Financing for Affordable Housing Project Near George Mason University

by Katie Sloan

Fairfax, Va. — The Fairfax County Redevelopment and Housing Authority (FCRHA) has closed on financing for the development of One University, a mixed-use project located near the George Mason University campus. Groundbreaking is scheduled for January 2022.  The development will offer 120 affordable multifamily units, 120 units affordable seniors independent living units, and 333 units of student housing. SCG Development Partners will construct, own and operate the 240 units of multifamily and seniors housing; and a portion of the FCRHA property will be leased to RISE: A Real Estate Co. …

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