RALEIGH, NC—Corvias Military Living juststarted construction on Phase II of the Randolph Pointemultifamily community at Fort Bragg, NC. Theproject should be complete by Sept. 2014.

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Randolph Pointe offers on-post multifamily units for seniorservice members who are either single or geographically separatedfrom family members. Similar pilot housing initiatives have beentested at Forts Drum, Irwin, Stewart, and Bliss. The RandolphPointe community is the first to become an official program andexpand without any new government funding. Phase I, which offers312 one- and two-bedroom multifamily units, openedin February 2009 and is 98% occupied.

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Funding for this $14 million, zero-scored expansion project wasmade possible by Corvias through Bragg Communities,LLC, the public-private partnership between Fort Bragg andCorvias Military Living. The partnership is part of the U.S. Army'sResidential Communities Initiative.

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“Part of what makes our public-private partnership with the Armyso successful is the fact that our fee-based model limits ourprofit and keeps residual cash flow in our partners' housingprograms,” says Corvias Group senior vice president and CFODavid Rozen. “In this case, despite sequestrationand budget constraints, we were able to work closely with the Armyto develop a financial solution that leveraged the success of ourexisting programs and required no new government fundingsource.”

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The expansion, to be built and managed by Corvias MilitaryLiving, will add 120 new one- and two- bedroom apartments in fivethree-story buildings on more than eight acres of land. The PhaseII apartment homes will offer another 198 bedrooms. Once complete,the Randolph Pointe community will span 702 total bedrooms in 18buildings.

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The units range in size from 860 square feet to 1,213 squarefeet, feature large walk-in storage rooms, a full-size washer anddryer, private bed and bathroom suites, each with a walk-in closetand climate control; a full-size kitchen with breakfast bar anddining area, a roomy living room, modern appliances, a patio orbalcony and an optional garage. Large exterior storage roomsare also included for residents to store oversized militarygear.

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