Durham, N.C. — Joint venture with Javelin 19 on 605 WEST will bring 338 apartments to Durham’s West End neighborhood.
Durham, N.C. — EdR and Javelin 19, a multifamily and commercial real estate investment company, have started construction on graduate student housing in the West End neighborhood near Duke University. EdR will be the 90 percent owner and managing member of the joint venture, providing development, construction oversight and management services for the 386-bed community. Javelin 19 will be co-developer and 10 percent owner. Other area companies involved in the project include JDavis Architects and Clancy & Theys Construction Co.
605 WEST is a $46.1 million project that opens summer 2014. The building is designed to appeal to upper-level and graduate students as well as young professionals, the 338 apartments will be studios and one-and two-bedroom apartments. All will have amenities such as wood flooring, stainless-steel appliances and granite counter tops. Amenities will also include cable, swimming pool, fitness center, yoga studio and coffee bar. An attached garage will provide nearly 400 parking spaces for residents.
605 WEST will be within walking distance of much of the nearly one million square feet of Duke University office and research space, leased in downtown Durham, where graduate students will likely be employed or studying. The location is also pedestrian to Durham’s downtown entertainment district, Brightleaf Square, the Durham Bulls baseball park and the recently completed city transportation hub More than 50 people attended the groundbreaking event on May 16 including Councilman Eugene Brown and Bill Kalkhof, former President of Downtown Durham, Inc., who were both instrumental in making this development a reality, according to a statement from EdR.
EdR also has received final approval from the Kentucky legislature to proceed with its next phase of housing replacement at the University of Kentucky. The Capital Projects and Bond Oversight Committee of the Kentucky Legislature has provided the final required approval to proceed with Phase II-B.
The $101.2 million cost of Phase II-B will be financed through EdR’s On-Campus Equity Plan — The ONE Plan — which uses the company’s equity and financial stability to fund projects on university land.
Phase II-B will include three five-to-seven story buildings — Woodland Glen III, IV and V — that will provide 1,610 beds within two-bedroom apartments along with classrooms, active learning spaces and study lounges. The complex will also contain other amenities to promote a community atmosphere for the students who will live there.
EdR will manage and operate these residence halls when completed in summer 2015.