JV Breaks Ground on NY Student Housing Community
- Dec 06, 2018
PEBB Capital in a joint venture with TriArch Real Estate Group, has broken ground on 415W120, a 153-bed student housing community serving Columbia University in Morningside Heights, N.Y. Gerner Kronick + Valcarcel designed the property. The project is set to be completed in May 2020.
Located at 415 W. 120th St., across the street from the university, the community sits on a parcel acquired earlier this year for $20.3 million. 415W120 offers convenient access to Frederick Douglass Boulevard 125th Street subway station and the 116th Street subway station on Broadway. Additionally, various restaurants, shopping and entertainment venues are nearby.
The 14-story building is scheduled to offer a mix of 80 studios, one-, two- and three-bedroom units including designer kitchens, in-unit washer and dryers and TVs in every room. The 64,000-square-foot development includes common-area amenities such as a fitness center, laundry facilities, study area, outdoor terrace, bike storage, package room, coffee bar and a rooftop deck.
The development marks the companies’ second joint student housing venture in New York City. In a recent deal, BCB Property Management secured a $78 million fixed-rate loan for a six-building portfolio in New York City’s Morningside Heights neighborhood.
Image courtesy of PEBB Capital