RALEIGH, NC—Corvias Military Living just started construction on Phase II of the Randolph Pointe multifamily community at Fort Bragg, NC. The project should be complete by Sept. 2014.

Randolph Pointe offers on-post multifamily units for senior service members who are either single or geographically separated from family members. Similar pilot housing initiatives have been tested at Forts Drum, Irwin, Stewart, and Bliss. The Randolph Pointe community is the first to become an official program and expand without any new government funding. Phase I, which offers 312 one- and two-bedroom multifamily units, opened in February 2009 and is 98% occupied.

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

“Part of what makes our public-private partnership with the Army so successful is the fact that our fee-based model limits our profit and keeps residual cash flow in our partners' housing programs,” says Corvias Group senior vice president and CFO David Rozen. “In this case, despite sequestration and budget constraints, we were able to work closely with the Army to develop a financial solution that leveraged the success of our existing programs and required no new government funding source.”

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

The units range in size from 860 square feet to 1,213 square feet, feature large walk-in storage rooms, a full-size washer and dryer, private bed and bathroom suites, each with a walk-in closet and climate control; a full-size kitchen with breakfast bar and dining area, a roomy living room, modern appliances, a patio or balcony and an optional garage.  Large exterior storage rooms are also included for residents to store oversized military gear.