Up Campus Kicks Off Luxury Student Project
The development is slated for completion before the start of the 2027 academic year.
Up Campus Student Living has started construction on Blume on Ivy, a 231-unit, 641-bed luxury student housing development in Charlottesville, Va. The community serving the University of Virginia is set to open in the fall of 2027, before the academic year starts.
The developer recently obtained construction financing for the project. Fifth Third Bank provided the senior debt, with additional participation from First Citizens Bank. TSB Capital Advisors represented the borrower.
The community will rise 10 stories at 2117 Ivy Road, within walking distance of the University of Virginia campus and the recently constructed Ivy Road Corridor UVA conference center. Downtown Charlottesville is 3 miles from the site.
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When complete, the mid-rise building will encompass one-, two-, three- and four-bedroom floorplans. The fully furnished apartments are to include washers, dryers and walk-in closets.
Exterior and interior amenities are expected to span more than 20,000 square feet and include a gameday lounge, golf simulator, health and wellness center, sauna and spa. Additionally, the property will feature a swimming pool with rooftop entertainment deck, a jumbotron, cabanas, grills and fire pits.
Up Campus Student Living has another prospective student housing development in the market. That project will encompass 231 units with 641 beds and will rise 4 miles away from Bloom on Ivy.
