BLACKSBURG, VA-Campus Management and CampusWorks Development have begun work on a new student housing project adjacent to Virginia Polytechnic Institute and State University. They are building a private, off-campus 913-bed, 254-unit housing community whose total project costs will come in at approximately $45 million.
The redevelopment of the 15.28-acre project calls for the demolition of the Oakbridge Apartments currently on the site. The new community, which will be called "The Edge", will be situated on the Northwest corner of Webb Street and East of Toms Creek Road, directly across the street from the Virginia Tech campus. There will be nine buildings housing a mix of 2,3 and four-bedroom units.
The demolition of Oakbridge is beginning this month with the rest of the project expected to phase in over the next 24 months. Approximately 450 beds will be ready for the 2014 school year and the balance will be delivered for the 2015 school year.
The project's architect is Entasis Design. CW Construction, a CampusWorks Company, is the general contractor and the property will be managed by CMG Leasing.
In general this particular market has been underserved in the past few years but it is catching up with this project and another that will be delivering this fall. Capital markets are very supportive of student housing assets right now, Steve Helfrich with CampusWorks tells GlobeSt.com. "It has proven to be a great performing asset class over the last few years and there are several different equity players that are interested in, and participating in the market."
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