Campus Apartments Starts Phase II of Transformational Project
Join us at the Convene in NYC, where we will be covering the entire national net lease, sales leaseback and 1031 exchange market across the property type. RealShare Net Lease attracts over 400 commercial real estate professionals across the sector at RealShare NET LEASE on April 1.
SHIPPENSBURG, PA—Having wrapped up work on the first phase of the renovation of Shippensburg University’s student housing, Campus Apartments and Shippensburg University Student Services Inc. are gearing up to begin Phase II of the project. In all, the duo will complete three phases totaling an estimated $200 million in the overhaul, which is intended to improve the quality of housing and reshape the campus environment.
The first phase, which cost some $70 million, delivered new housing facilities to the campus that would house 924 students in semi-suite and full-suite floor plans, multipurpose programming areas and generous study and social lounges. One of the buildings also features a state-of-the-art 13,000-square-foot wellness center, while another includes a new home for the University’s Honors Program.
Phase II, which is expected to cost about $65 million, will add another three residences to the campus that will house 922 students. Completion of that project, which will also include a new green space for outdoor recreational activities, is slated for the fall of 2014.
“The completion of the first phase of this project brings us one step closer to reaching our goal of providing top-quality housing to all of our students,” says Bill Ruud, president of Shippensburg University, which has an enrollment of roughly 8,000 undergraduate and graduate students. “The living, social and study spaces of Phase I will foster a living-learning environment for students, and we look forward to expanding these amenities through the second phase of this milestone project.”
Campus Apartments and SUSSI jointly designed, developed and financed the three-phase endeavor. RBC Capital provided financing for the first two phases. Closing on $70 million and $65 million, respectively, in bond financing. “Partnering with Campus Apartments enabled us to secure a highly favorable financing arrangement ,” says SUSSI president Darrell L. Miller.
Work on all three phases should be completed by the fall of 2015. Other members of the design team include architect CUBE 3 Studio, general contractor Fortune-Johnson and consulting engineer Greenman-Pedersen Inc.
Daniel Bernstein, Campus Apartments’ EVP and chief investment officer, described the project as “transformational. The second phase of this initiative is demonstrative of the University’s continued commitment to providing superior on-campus housing for its students. We are proud to be a partner in this project—the largest in the University’s history—and are confident that the new facilities will improve the quality of life for the current student population and help to attract new students for years to come.”
Join us at the The Encore Las Vegas in Las Vegas, NV, where we will bring together the top student housing executives from across the country who will cover the hottest topics in financing, investment, brokerage, development and property management, our industry leaders will give the highest level views on the sector at RealShare STUDENT HOUSING on June 4.
You can now be notified via email if this story is updated by clicking on the "Follow this Story" link. You must be a registered member to take advantage of this "members only" benefit.