New Student Housing Under Way in Raleigh
- Sep 24, 2014
Raleigh, N.C.—Stanhope, a new student housing property in Raleigh, has broken ground and has an expected completion date for the summer of 2015, ahead of the next academic year. The property, which will have 822 beds and 25,000 square feet of retail space, will serve students at the nearby North Carolina State University and, to a lesser extent, Meredith College, which is about a mile away.
Stanhope is named after Raleigh’s historic Stanhope neighborhood, and will be at 3001 Hillsborough St. According to the developer, the locally based Kane Realty Corp., Stanhope will not only be student housing, but it will help continue the revitalization of Hillsborough St. The street is one of four major thoroughfares that radiate outward from Capital Square, and it’s home to a number of businesses serving the student population.
Common amenities include a saltwater pool with splash deck, outdoor courtyards with televisions, fire pits, grills and open green space. There are study lounges on each floor, as well as an art studio, two-story game room, fitness center with cardio mezzanine and two tanning rooms. The property will also incorporate sustainable features, such as an electronic car charging stations, recycling rooms on every floor, a bicycle storage room, energy-efficient windows, and a sustainable landscaping design employing organic fertilizer. LED lighting will be used throughout the grounds.
Residents will be able to choose from floor plans that include studio, one-, two-, three- and four-bedrooms. The individual apartments will come fully furnished with televisions with cable, Energy Star appliances, a “smart key” unit entry system, and a washer and dryer. The entire property is also equipped with high-speed Wi-Fi, and will employ an on-site maintenance and management staff.
Kane Realty Corp. has hired Asset Campus Housing to manage the residential side of the property; Kane will lease and manage the retail space. Little Diversified Architectural Consulting designed Stanhope, and Clancy & Theys General Contractors is building it. Wells Fargo Bank and Federal Capital Partners financed the project.