Campus Crest Communities Unveils $156.8M Construction Pipeline

By Amalia Otet, Associate Editor Campus Crest Communities, a leading developer, builder and manager of purpose-built student housing under The Grove brand, recently made public a $156.8 million construction pipeline, to encompass 1,282 student housing apartments. Campus Crest Communities owns interests [...]

Campus Crest Communities, a leading developer, builder and manager of purpose-built student housing under The Grove brand, recently made public a $156.8 million construction pipeline, to encompass 1,282 student housing apartments. Campus Crest Communities owns interests in 33 student housing properties containing approximately 6,324 apartment units and 17,064 beds, according to company statements.

The firm plans to deliver six new student housing projects—three wholly-owned and three joint venture—for the 2012-2013 academic year, thus adding approximately 3,660 beds to its existing portfolio. Citybizlist reports that the three wholly owned communities include the Grove at Auburn, a 216-unit community at Auburn University; the Grove at Orono, a 188-unit apartment complex at the University of Maine; and the Grove at Flagstaff, a 216-unit community to serve Northern Arizona University. The three communities have a combined value of $84.7 million.

The three joint venture projects that will be developed in partnership with Harrison Street Real Estate Capital include the 232-unit Grove at Fayetteville near the University of Arkansas; the 224-unit Grove at Laramie near the University of Wyoming; and the 206-unit Grove at Stillwater near Oklahoma State University, calling for a total investment of $72.1 million. The company owns a 10 percent interest in these communities.

In other news, the Charlotte Soccer Academy is one step closer to building a new soccer complex in Charlotte, after nearly two years of planning, as they identified three potential locations for the much-awaited venue. CSA is the largest competitive soccer club in N.C., with over 1,700 competitive players.

The $5 million facility will include six fields, a 15,000- to 20,000-square-foot office building, concessions and a 5,000- to 6,000-square-foot gym and physical therapy area, according to the Charlotte Observer.

The Soccer Academy selected Harrell, Saltrick and Hopper (HSH) to manage the project in terms of design and engineering. Construction is expected to start next year with a planned opening in January 2013.