Can Student Housing Revitalize a Neighborhood?

RALEIGH, NC—Can a student housing project help drive revitalization forward in a southern city? Kane Realty is out to prove it can with a new upscale, off-campus student housing community that will begin serving North Carolina State University (NCSU) students in Summer 2015.

Kane launched construction on the $78 million project dubbed Stanhope earlier this year and believes the student housing community will continue the revitalization of Hillsborough Street. The project offers 822 beds and 25,000 square feet of retail space.

“We identified an opportunity to create a truly unmatched type of student living that focused on not only amazing amenities and convenience, but also the importance of being environmentally-friendly,” says John Kane, CEO of Kane. “We are confident that Stanhope will be a one-of-a-kind living destination for University students.”

The Raleigh student housing community is steps away from NCSU and less than a mile from Meredith College at 3001 Hillsborough Street. Kane named it to honor the historic Stanhope neighborhood.

Student housing amenities will include an oasis saltwater pool with splash deck, outdoor courtyards with televisions, fire pits, grills and open green space, integral parking deck, hi-tech cyber lounge, study lounges on each floor, art studio, two-story game room, fitness center with cardio mezzanine, and two tanning rooms, ground level retail, restaurants, and green living perks like electronic car charging stations, recycling rooms on every floor, and bicycle storage room.

Kane hired Asset Campus Housing (ACH) to manage the student housing community. Kane will lease and manage the retail space. The project team also includes Little Diversified Architectural Consulting and Clancy & Theys General Contractors. Financing is provided by Wells Fargo Bank and Federal Capital Partners.