MINNEAPOLIS-Another student housing project, one of the few property types today with any hope of new development, has been announced here near the East Bank campus of the University of Minnesota. Opus Group recently purchased three retail buildings and a parking lot at Washington Avenue SE and Ontario Street SE here, with plans to build a $30 million mixed-use apartment building.

The Stadium Village Flats project will have six stories with 120 apartments, first-floor retail and two levels of below-ground parking, said Dave Menke, SVP and general manager of Opus Development Corp. With the main customer being students, the complex will include a mix of furnished studio up to four-bedroom units, with just about each bedroom having its own bath.

Menke tells GlobeSt.com that there’s a demand for quality student housing in the area, especially at this popular location. “We’ve seen a few new projects lease up very quickly, and there’s still substantial demand,” he says. “Student housing, like the senior living sector and even market-rate apartments, all have demographics in their favor these days.”

A CVS store is committed to a portion of the retail, with an additional 5,000 square feet available for lease. Construction will begin early next year, and is scheduled to be complete in August 2012, Menke says. Elness Swenson Graham Architects Inc., based locally, is the project architect.