Signet Real Estate Lands Loan for South Carolina Development
This project caters to students, faculty and young professionals.
Signet Real Estate Group has secured construction financing for MODA Clemson, a 159-unit student-focused project in Clemson, S.C. First National Bank of Pennsylvania issued the $38.8 million construction loan, Pickens County records show.
Construction on the project is already underway and completion is expected in the summer of 2026.
The development team includes Kimley-Horn, HPA Design Group, Freese Johnson and Catamount Constructors. According to Freese Johnson Chief Strategy Officer Henry Johnson, development costs total $50 million.
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In August 2022, the City of Clemson published a request for proposals regarding roughly 16.5 acres meant to serve as “the heart of the city”. Signet’s proposal targeted residential development on roughly 2.1 acres, oriented to students and non-students alike.
Set the rise five stories, the building will encompass studio and one- to three-bedroom floorplans. Additionally, MODA Clemson will comprise 5,100 square feet of ground-floor retail, a Signet spokesperson told Multi-Housing News.
Designed to appeal to students, young professionals and faculty staff, the development will feature a sky lounge, study rooms, swimming pool, barbecue area, gym, as well as putting green, the same source shows.
Located at 412 College Ave., the site is less than 1 mile from Clemson University. Thoroughfares such as U.S. Route 123 and 76 are likewise less than 1 mile away. A variety of quick-service restaurants and parks can be found within walking distance.
Clemson’s strong advertised asking rental rate growth
According to a recent Yardi Matrix report, preleasing hit 80 percent for the Yardi 200 schools as of May, on par with last year’s figures. Clemson University’s preleasing stood at 85.6 percent, although the statistics suffered an 8.2 percent decline year-over-year through May.
As preleasing numbers took a hit, the advertised asking rates soared, rising 16.7 percent during the same period. The value marks one of the highest spikes across all Yardi 200 schools, the report goes on to show. The university has 10,748 beds in its off-campus inventory and another 601 were under construction as of May, the same report shows.
In 2022, Core Spaces formed a joint venture with Tom Winkopp Development to expand The Pier, a 1,400-bed student housing community near Clemson University. The $200 million project—one of the largest privately owned off-campus student developments in the U.S.—will add an extra 2,600 beds. The 900-bed first phase is expected to come online this August.
