Newark, Del.–Campus Living Villages spent $6 million to repurpose and renovate the former Towne Court and Park Place apartment communities near the University of Delaware in Newark, Del., and the developer’s hard work has been rewarded. CLV’s transformation of the apartment properties resulted in Studio Green Delaware, a 665-unit student-housing community that was recently named Best Turnaround Project by trade publication Student Housing Business.
CLV’s vision for Studio Green, located just west of the University of Delaware campus at 91 Thorn Lane, made its first move toward realization with the developer’s acquisition of the 1950s-era, garden-style Towne Court and Park Place assets in June 2008. “The local community was relieved that they stepped in. The property really was not an asset to the neighborhood in any way, shape or form,” Stuart Rosenberg, spokesperson for CLV, tells MHN.
CLV began working its magic just a couple of months later, and by fall 2009, the antiquated multifamily properties had been reborn as modern student-housing dwellings for 1,000 students.
Studio Green’s accommodations include 325 one-bedroom units, 290 two-bedroom units, 34 three-bedroom units and 16 four-bedroom units. But the centerpiece of the redevelopment is The Centre, a 10,000 square-foot clubhouse encompassing such amenities as a yoga studio, an indoor basketball court, a state-of-the-art fitness facility and a screening room. Outdoor offerings include a lounge and a heated saltwater lap pool. The Centre also features a meeting room and a business center. Additionally, the property, as part of its name would indicate, is a sustainable development that was designed to be environmentally friendly from construction to habitation.
“CLV wanted to create a facility that would ultimately appeal to students in that community,” Rosenberg says. The developer is a leader in the student-housing market, having helped popularize the concept of garden-style off-campus residences. The company is ready to usher in a new era of student living. Now they are looking at creating cottage-style housing. That’s their next big push, properties that are more residential.”