Los Angeles—Investment management and development firm CityView and commercial development firm Symphony Development have chosen Peak Campus to manage the 27 North student apartment project in San Jose, Calif. The project is the first off-campus, private apartment community designed to appeal to San Jose State University students.
“27 North will be the first of its kind in San Jose to offer off-campus, purpose-built student housing,” Casey Peterson, senior vice president of business development and strategy for Peak Campus, told MHN. “This brand new community will offer a fantastic location one block from campus.”
Symphony Development bought the roughly 1.15-acre site from First United Methodist Church in August 2014, according to the Silicon Valley Business Journal.
Peak Campus was chosen for the job because of its exclusive focus on the student housing industry. “Peak has unparalleled expertise working on campus housing projects and will be an integral part of ensuring the success of 27 North,” said Sean Burton, CEO of CityView.
Bob Clark, president of Peak Campus, noted that CityView and Symphony Development are known for creating “dynamic, community-friendly projects in densely populated, urban areas,” and the company is looking forward to opening 27 North to students in the summer of 2016.
“We are thrilled to have the opportunity to work again with the developer of this project, with whom we have worked on two previous very successful student housing projects, ” Peterson told MHN.
The project is located at 27 N. Sixth St., just one block north of the San Jose State University campus, providing students with a convenient housing option. The 478-bed property is currently under construction and will be move-in ready at the start of the 2016 school year. Leasing is currently underway with a by-the-bed leasing model, with rental rates starting at $735 per bed.
When completed, 27 North will be seven stories high, with five stories delegated for apartments and two for garage parking. The community will offer fully furnished units with two-, three- and four-bedroom floor plans, as well as washers and dryers, stainless steel appliances and keyed bedroom entry. 27 North will also have market-leading amenities such as a state-of-the-art fitness center, resort-style pool, a business center and computer lab, group study lounges on every floor, tanning facilities, a fire pit and grilling areas, and a parking garage.
“We are very bullish on San Jose State University’s market dynamics. Enrollement at SJSU has also been on a steady rise over the past five years, with very little in the way of new off-campus housing additions,” Peterson told MHN. “We believe that the project will be very attractive for a growing, underserved off-campus student housing market.”
Renderings courtesy of Muirfield Partners