BETHLEHEM, PA – EdR, one of the nation’s largest developers, owners and managers of high quality collegiate housing communities, recently celebrated the ceremonial groundbreaking of SouthSide Commons with Lehigh University in Bethlehem, Pa.

“This is an exciting day on the path to building an even stronger Lehigh as we look to grow our student body and strengthen ties with South Bethlehem,” said John Simon, President of Lehigh University. “Lehigh, along with our partner EdR, has envisioned SouthSide Commons as an attractive housing option for our students that is also an vital addition to the campus and the surrounding community.” 

SouthSide Commons will be a community of traditional apartments that will serve upper level undergraduates, transfer, international and graduate students. The community will have 428 beds in a mix of studio, 2, 3 and 4 bedroom units. 

“We are proud to be serving a role in Lehigh’s ‘Path to Prominence’ initiative,” said EdR president Tom Trubiana. “This development will be an brilliant option for students seeking a more independent living which is still a part of campus and makes a sense of community that is normally associated with traditional residence halls.”

SouthSide Commons will feature a fitness center, study rooms, interior bike storage, outdoor recreational spaces, pet friendly living, in-unit laundry and high speed WiFi throughout the community.

The community will be financed through The ONE PlanSM, which is EdR’s on-campus equity plot that uses the company’s equity and financial stability to fund projects on university land. This program gives the university access to a single trusted partner, and helps make substantial long-term financial benefits for EdR and its partner university. 

Construction on the site started earlier this spring and SouthSide Commons in on schedule to open in Summer 2019.

Founded in 1865, Lehigh University is one of the premiere academic institutions in the nation. The current enrollment is 7,059 and the school has produced Pulitzer Prize winners, Fulbright Fellows, National Medal of Science winners and captains of industry.

Powered by WPeMatico

DANBURY, CT – Lowe Enterprises Investors (“LEI”), in joint venture with an investment client, has bought the 374-unit 1 Kennedy Flats apartment community located in the New York Metro area. The community consists of five mid-rise (three- and four-tale) buildings offering a mix of studio, one, two- and three-bedroom units along with 13 townhomes with attached garages.

Completed in 2016, 1 Kennedy Flats was the first Class-A apartment development in downtown Danbury and today is 91 percent occupied. It was built in three phases by Greystar with its joint venture partner Eagle Realty. The community features a spacious and modern 3,000-square-foot, two-level resident lounge with fireplace, library, bar seating, pool table and multiple large screen TVs. For outdoor recreation, there is a pool with sundeck and bar, firepits, grilling area and kitchen area. The fitness center provides a range of workout equipment, yoga room and a spin room with Fitness-On-Demand. Additional amenities include a pet spa, bike repair shop and a package concierge.

The bright, airy interiors boast high-quality finishes with granite countertops, tile back splashes, built-in microwaves and energy efficient appliances, with oversized windows, wood plank flooring, in-unit washer/dryers, balconies or decks and walk-in closets.

Residents delight in simple access to the growing variety of shops and restaurants located in Downtown Danbury. The transforming downtown district is attracting a growing community of creative and tech companies to the area. Main Street’s Innovation Center, a business incubator made in 2016, has spawned successful start-up businesses such as UpDesign Media. In addition to an employment hub, Downtown Danbury offers access to higher education with Naugatuck Valley Community College expanding into downtown and Western Connecticut State University located nearby.

LEI’s acquisition team was led by Andy Sands and John Gaghan. The seller was represented by CBRE. Berkadia arranged financing for the transaction. Greystar will continue to provide property management services.

1 Kennedy Flats is the latest addition to LEI’s growing multifamily investment portfolio in select markets across the country. LEI continues to seek multifamily and commercial acquisition and development opportunities nationwide.

Powered by WPeMatico

DESTIN, FL – Hunt Companies, along with Destin, Florida based developer W Development, announced that The Sanctuary at 331 development has successfully been completed on schedule and under budget. The 264-unit three-tale garden style apartment complex located in the Emerald Coast of the Florida Panhandle on the Choctawhatchee Bay received its final certificate of completion in April 2018. The project was an example of several Hunt affiliated companies working together with Moss performing the general contract services and Pinnacle providing the property management.

The Sanctuary, named for its tranquil setting, is located on US Highway 331 between the Bay and the Point Washington State Forest Preserve. The Choctawhatchee Bay is a major recreational waterway connecting to the Gulf of Mexico some 18 miles to the west of Highway 331. The Preserve is a 15,000-acre state park open to the public with extensive walking and biking trails. Built on 29 acres, the project is located approximately 3 miles north of the Gulf of Mexico/30A and 20 miles east of the well loved vacation area of Destin.

The 264-unit project offers market-rate housing and consists of 126 one-bedroom and 138 two-bedroom units in 11 three-tale walk-up buildings with a fully equipped, 3,700 square foot clubhouse. Site amenities include a resort-style zero entry pool, heated whirlpool, dog park, fitness center, yoga room, car wash and detached garages. Unit features include 9-foot ceilings, stainless steel appliances, laminate faux marble countertops and faux wood flooring throughout the units. Several units have stunning Bay views and all units have wooded views.

The Sanctuary was co-developed with W Development, a small local developer/architect based in Destin. The property is financed with a HUD 221(d)(4) construction loan.

Dominick Cristiano, Executive Vice President at Hunt, said, “The Sanctuary at 331 fills a void in the area for moderately priced ‘work force housing’ catering to the employees of the hospitality industry on 30A and Destin. The collaboration between Hunt, Moss and Pinnacle, along with local development partner W Development, was seamless and we are extremely pleased with the outcome.”

Robert Kelly, Senior Vice President of Hunt’s development division, and owner representative added, “The Hunt Family of Companies is pleased to bring this type of housing product to the Santa Rosa Beach and South Walton market. This development, abutting Point Washington State Forest, is constructed on a densely wooded 29-acre site along Bowman Bayou, with views to Choctawhatchee Bay, and is a prime example of a constructed environment which is respectful of, and in harmony with, its natural environment. Nearly 50% of the project site remains a pristine and undeveloped woodland to retain the natural serenity of the site and be symbolic of the name Sanctuary. The extremely strong lease up of the property evidences the need for moderately priced housing in the market. The property is already 69% leased and 47% occupied.”

Powered by WPeMatico