Student Housing Daily - December 17 - Subtext/Kayne Anderson JV breaks ground on 1,331-bed project

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NEWS ROUNDUP

DEVELOPMENT: Subtext and Kayne Anderson begin work on 1,332-bed project. A Subtext and Kayne Anderson Real Estate JV is set to commence construction on VERVE Charlottesville, a 1,332-bed student housing development near the University of Virginia in Charlottesville. The project will encompass 729,262 square feet and offer 463 units ranging from studios to four-bedroom configurations. ESG Architecture & Design is leading the architectural design, with Stevens Construction Corp. serving as the general contractor. The development is scheduled for completion in fall 2026. Brandt Stiles, Principal at Subtext, and Albert Rabil, Kayne Anderson CEO, expressed enthusiasm for the partnership.

DEVELOPMENT: Landmark Properties to build two 10-story buildings in Maryland. Landmark Properties, led by Wes Rogers, is planning The Mark College Park, a student housing project near the University of Maryland in College Park. The project will feature two 10-story buildings comprising 601 units, ranging from studios to five-bedroom apartments, totaling 2,079 beds. Landmark Properties plans to acquire the site in 2026, with project completion targeted for 2029.

DEVELOPMENT: Dartmouth College breaks ground on 285-bed building. Dartmouth College has started construction on a 285-bed student housing project in Hanover, New Hampshire. Cube 3 is leading the design, while PROCON serves as the design-build firm. Construction began in October 2024 and is scheduled for completion before the fall 2026 semester. This development is part of Dartmouth's broader initiative to add 1,000 new student housing beds over the next decade, aiming to enhance on-campus living options for its student body.

DEVELOPMENT: Penn State moves ahead with several buildings. Penn State University is advancing plans to develop new on-campus housing and a $91 million Applied Research Lab (ARL) building at its University Park campus. Penn State will lease the land to Greystar, which will handle construction and management. "What this does is the equivalent of having a private entity invest hundreds of millions of dollars to build an asset that’s going to enable us to increase enrollment, drive income and generate substantial financial gain with zero risk” - Rick Sokolov, board member, Penn State.

DEVELOPMENT: Corvias completes energy efficiency project. Corvias Property Management has completed an energy efficiency project at Towers Residential, a 1,000-bed residence hall at Wayne State University in Detroit. The project involved installing 1,600 LED light fixtures equipped with motion sensors, primarily funded through a $100,000 rebate from DTE Energy. Justin Witty, Director of Energy Development for Corvias, stated, "Because of this work, we are able to reduce energy consumption, reduce the demand on the grid and provide a better living environment for our student residents."

READ: Rent growth and limited supply is attracting investors to student housing.

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