Capstone to Open New Arizona Student Housing Community
- Nov 26, 2019
A public-private partnership between Capstone Development Partners, Harrison Street and Arizona State University (ASU) has topped out construction on a $34.2 million student housing development.
Shepley Bulfinch designed the 374-bed project and CORE Construction is the general contractor for the development. ASU Housing & Residence Life will manage the property by providing programming services.
The community will be situated on the university’s Polytechnic campus and will include private and shared bedroom suites. Common-area amenities are set to include a main floor lounge, common kitchen, study space and lounges on each floor, as well as roughly 8,500 square feet of academic space including classrooms, offices, conference areas and meeting areas.
The joint venture closed on a 100 percent equity financing back in June. The project is scheduled for completion in Fall 2020. Capstone-Harrison Street via Capstone Management Partners will provide asset management services. Last year in October, Capstone Development Partners opened five student housing communities totaling $350 million.