JV to Develop $100M Student Housing Project
- Mar 18, 2017
Charleston, S.C.—Armada Hoffler Properties recently announced that the firm teamed with Spandrel Development Partners to develop and build two $100 million student housing apartments in downtown Charleston, S.C. In the new joint venture, Armada Hoffler will serve as both majority partner and general contractor.
With two assets featuring a variety of amenities and price points, Armada Hoffler expects to deliver more than 600 new beds within one mile of the College of Charleston in time for the fall 2019 semester. The peninsula is home to roughly 20,000 students and current enrollment at the College of Charleston alone approaches 12,000 students.
“With its high barrier-to-entry and net market deficit of over 5,000 beds, new student housing product in downtown Charleston fits perfectly into our development and investment strategy,” said Armada Hoffler Properties President & CEO Louis Haddad in a prepared statement.
Factoring in the two newest projects, Armada Hoffler Properties will be the largest private developer of student apartments in Charleston. The company expects to break ground later this year.
Image courtesy of College of Charleston