Corvias Signs First Student Housing Project
DOTHAN, AL—Mere months after making its debut in the market, Corvias Campus Living has entered into an agreement to build a student residence facility on the campus of the Alabama College of Osteopathic Medicine. To open for next year’s class of 150 students, the project’s first phase will be comprised of three 30,864-square-foot apartment buildings with 117 bedrooms and a 3,000-square-foot clubhouse, as well as various outdoor amenities.
The project fits into Corvias Campus Living’s strategy of partnering with universities in second-tier cities to build on-campus student housing. The company was formed this summer when military housing provider Picerne Military Housing made a move into student housing, forming a parent company, Corvias Group, to oversee both Picerne and Corvia Campus Living.
The market isn’t new to the firm, either; it has an office in Dothan and has done work on military housing at the nearby Fort Rucker since 2006. According to the company, Corvias has contributed nearly $156 million on construction and development in the Wiregrass area, with the vast majority going to local and small businesses.
Corvias, which approached the college with the idea for an on-campus student housing community, will build and manage the property. It will offer one- and two-bedroom units with private bathrooms and full kitchens, as well as wireless Internet and private study areas. Plans also call for a clubhouse with a state-of-the-art fitness and cardio facility and a communal kitchen. Outside common areas will offer a swimming pool, basketball court, communal garden and playground.
Student housing is booming! Meet the dealmakers at RealShare AUSTIN on June 2.
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