Construction is now underway on a new seven-story apartment complex on Charlottesville’s Jefferson park Avenue designed to house nearly 400 students at the nearby University of Virginia.
Orlando, Florida-based Development Ventures Group, a subsidiary of the Japanese Kajima Corporation, broke ground last month at 2005 Jefferson Park Ave. on the complex it plans to open to tenants by summer 2027. Just a couple of blocks from the Cavalier’s Scott Stadium, plans for the the $63 million, 240,000-square-foot project call for 199 units with enough space for 386 students.
“This development will be very appealing to UVa students, and we are pleased to secure a project in a market with such high barriers to entry,” said Development Ventures Group CEO Thom Cunningham in a statement. “Only a few hundred purpose-built student housing beds have been added in this market since 2017.”
“UVa’s enrollment continues to experience steady growth, and this location is in a unique corridor with limited future development potential,” added Cunningham.
Enrollment at the university has grown by nearly 10% in the past decade, reaching 25,944 last fall, including undergraduate and postgraduate students.
The project’s design includes one to four bedrooms per apartment. All apartments are to include walk-in closets, keyless entry and televisions.
In addition to apartments, the complex is expected to support a fitness center with a yoga and spin studio, group and private study spaces, outdoor fire pit and grilling stations, a heated plunge pool, bike storage and electric vehicle charging stations.
Development Ventures Group is partnering with three other private real estate financing firms on the project: Marble Capital headquartered in Houston, Texas, Clairmont Capital Group based in Los Angeles, California, and BOK Financial out of Tulsa, Oklahoma, which is serving as construction lender.
“The team’s ability to capitalize a new student housing development in Charlottesville has been impressive,” Erin Mullen, a commercial real estate banking manager with BOK Financial, said in a statement. “This is a very successful student housing market, with comparable properties averaging 97 percent occupancy. We expect tremendous demand from students for this unique project.”
The project joins multiple student housing developments now in the works in Charlottesville.
Earlier this month, the city Board of Architectural Review heard from Texas-based LV Collective, the multifamily and student housing developer seeking to put an 11-story, 708-bed tower on the mostly asphalt terrain between the Standard apartments and the Drewary Brown Memorial Bridge on West Main Street.
The board also heard a proposal from Charlottesville-based Mitchell/Matthews Architects & Planners, which presented a revised concept for the Mark, a proposed seven-story apartment building to replace a radio tower just off West Main Street on the border of the city’s Fifeville and Starr Hill neighborhoods.
Back on Jefferson Park Avenue, construction has been underway since March on a 12-story student apartment complex called the Verve at the intersection of the avenue and Emmet Street.
A couple of miles away, a 10-story residential tower called the Blume is also on the rise.
For the Development Ventures Group project, Breeden Construction firm is carrying out the heavy lifting. The Richmond-based firm is also working on another nearby project at UVa’s Fontaine Research Park.
“We are proud of our longstanding relationship with UVa, and excited to deliver a project with the quality and style Charlottesville is known for,” President of Breeden Construction Brian Revere said in a statement.
Source: www.dailyprogress.com
Be First to Comment