West Virginia Student Housing Project Breaks Ground

Granville, W. Va.–Asset Plus Cos. and Diamond Realty Investments Inc. have broken ground on the Domain at Town Centre, a student housing development at West Virginia University. The property is located adjacent to University Town Centre, a retail property, with views overlooking the WVU campus directly across the Monongahela River.

The Domain at Town Centre offers a gated-access mix of 336 units with 912 beds. The property will include one-, two-, three- and four-bedroom units, each of which features the same number of bathrooms as bedrooms. Ranging from about 600 square feet to 1,470 square feet, the units will be fully furnished and will feature full-size washer and dryers, high-speed Internet and flat-panel HDTVs with DVR service. The kitchens will sport stainless-steel appliances, granite countertops and island seating.

The property’s common amenities include a resort-style swimming pool, an outdoor barbecue kitchen, and sand volleyball and basketball courts. A 9,200 square-foot clubhouse will offer an exercise facility, tanning beds and a game room. Other project amenities are reserved covered parking, an Internet cafe, and a business center with private group study rooms.

Construction of the Domain at Town Centre will be completed for occupancy by fall 2012. Diamond Realty Investments is providing equity capital for the development, which will be leased and managed by Asset Campus Housing (ACH), the student housing affiliate of Asset Plus Cos.

ACH currently manages more than 50 student housing properties exceeding 40,000 beds nationwide, and anticipates more growth in the student housing sector. “Demand is still strong for well-located student housing projects that offer the best amenities and value to meet student needs,” Jeff Knowles, senior vice president-capital markets, tells MHN.