WILLIAMSBURG, VA -Balfour Beatty Campus Solutions, a leading developer and operator of infrastructure projects for the college and university market, announced it has reached financial close on a public-private partnership (P3) project to deliver new on-campus student housing at William & Mary.
Construction on the over-$240 million project is scheduled to commence in July in anticipation of an opening in Fall 2025. The project construction team includes both Balfour Beatty Buildings division and Kjellstrom+Lee, based out of Richmond, Virginia.
We are delighted to work with William & Mary on this exciting renewal of on-campus housing, said Amy Aponte, vice president, Balfour Beatty Campus Solutions and William & Mary alumnus 94, 96. William & Mary s leadership has been clear-eyed about the needs of their students and their goals for a more sustainable future. We hope these new communities embody the authentic William & Mary experience and that they house not only students, but also the rich diversity of thought, traditions, culture and best of what is to come for this esteemed university.
The project supports William & Mary s Vision 2026 plot, which features a housing and dining master plot to position the university to meet future strategic needs. Over the course of ten years, William & Mary will renovate or replace 80% of its housing system in a complete transformation of the on-campus residential experience.
This first phase will deliver new housing for 935 students at West Woods on the west campus, as well as housing for 269 students in a new facility adjacent to Lemon and Hardy Halls along Jamestown Road. The new residence halls, configured into modern living units and community spaces, will be conditioned using geothermal heating and air conditioning, in support of William & Mary s Climate Action Roadmap, which calls for a carbon-neutral campus by 2030. As part of the project, fossil-fuel-dependent systems in Lemon and Hardy Halls will also be transitioned to geothermal energy.
On the West Woods site, a new ~50,000 GSF dining facility will become the signature eatery on campus, offering patrons a serene dining experience nestled in the wooded site.
Balfour Beatty is the perfect partner for this complete revitalization of the campus experience, said Jackie Ferree, William & Mary s interim chief operating officer. Together we can accomplish something that neither of us could do on our own, and that promises to benefit generations of William & Mary students.
Ginger Ambler 88, Ph.D. 06, vice president for Student Affairs, agreed. This project reflects our steadfast commitment to meeting the needs of students today and of generations to come, she said. At each step, Balfour Beatty has understood the importance of keeping students at the center of this ambitious project, designing gorgeous, innovative spaces that allow them to thrive in community with one another. We are thrilled to be in partnership with them.
The project was designed by VDMO Architects in collaboration with CMTA and William & Mary leadership. Provident Resources Group (Williamsburg Properties LLC), is the project s residential facility owner through an issuance of project-based, tax-exempt debt financing. Upon completion, the housing community will be managed by the university.

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JACKSONVILLE, FL – FCP announces the $33.25 million acquisition of Water’s Edge Apartments at 800 Broward Road in Jacksonville, FL through a joint venture with Springer Capital. The 404-unit apartment community was built in 1974 and consists of one-, two-, and three-bedroom units in a tranquil, waterfront setting. Water’s Edge marks FCP’s second acquisition in Jacksonville and its second partnership with Springer Capital.
FCP has closed its second Florida acquisition in two weeks, following the company’s investment in Avana Cypress Creekin North Lauderdale, FL.
“We are pleased to be building on our existing relationship with Springer Capital,” said FCP’s Bruce Gago, who heads the firm’s Florida office. “FCP is excited to expand its Jacksonville footprint with Water’s Edge. We intend to substantially enhance the property through significant capital investments, including curing existing deferred maintenance and enhancing amenities and the resident experience.” The venture has retained Cushman & Wakefield to manage Water’s Edge.
Water’s Edge residents benefit from immediate access to I-95 and are just five minutes from the I-295 Jacksonville beltway. The community is proximate to Jacksonville International Airport, UF Health North Hospital, and various shops and amenities at River City Marketplace. Community amenities include two pools, a playground, and sand volleyball court, and select units with large patios and balconies, river views, and fireplaces.

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TAMPA, FL – Trilogy Real Estate Group, a Chicago-based real estate investment and property management firm, announced the acquisition of Azalea Apartments, a 289-unit multifamily community that is currently under construction in the East Tampa neighborhood of Brandon, for $85.8 million. Azalea will join Trilogy’s growing portfolio of investments located in qualified opportunity zones.
Investments in qualified opportunity zones benefit from the provisions of the 2017 Tax Cuts and Jobs Act that allow the taxes on capital gains realized from the sale of nearly any asset, such as stocks, bonds, businesses, real estate, and K-1 partnerships to be deferred by investing the gains in designated opportunity zones. The most significant benefit of the program is the permanent elimination of taxes on capital gains realized from the sale or exchange of an investment in a qualified opportunity zone fund that has been held for a minimum of 10 years.
“We are the beneficiaries of three years of development work that ZOM Living completed,” said Trilogy chief investment officer Jesse Karasik. “Opportunity zone developments typically take multiple years to bring online and become cash flowing assets, and we are thrilled to have been positioned to buy this high-quality property in a booming market near its completion.”
Azalea is located at 8240 Causeway Boulevard, minutes from Tampa’s urban core and in one of the fastest-growing counties in the country. The first go-ins at the property are expected to start this quarter, and residents will be able to choose from one-, two-, and three-bedroom layouts ranging from 700 to 1,400 square feet. ZOM Living sold Azalea to Trilogy and will manage its construction through completion.
Each apartment home at Azalea features energy-efficient, stainless steel Whirlpool appliances, quartz countertops, contemporary cabinets with upgraded hardware and soft-close drawers, and hurricane impact windows. Luxury living extends throughout the community with a resort-style pool deck with cabanas, and a relaxation area with hammocks and fire pit. There’s also a fitness center with a spinning studio and an outdoor yoga lawn, multi-use event lawn, pool pavilion, and gaming area with a pool table and corn hole. The pet-friendly community will also offer an oak tree-shaded, fenced dog park and pet salon.
“We continue to focus on delivering cycle-resistant investor returns, which today’s market environment provides for via attractive multifamily investment opportunities,” said Matt Leiter, chief financial officer. “While all of our investments are selected based on their viability independent of any potential tax benefits, the qualified opportunity zone program can provide a meaningful enhancement to investor returns.”

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