OREM, UT – PEG Companies, a leader in real estate development across North America, and Woodbury Corporation, a full-service real estate development and management company, broke ground on a long-awaited student housing development adjacent to Utah Valley University (“UVU”). As part of a community celebration attended by Orem City dignitaries, UVU leaders and regional news media, project leaders announced that the project will officially be named The Green on Campus Drive.

Once complete, The Green on Campus Drive will consist of five buildings with 1,605 beds, single-occupancy rooms for the residents, a parking structure and unique amenities to the area. Additionally, as part of the joint venture between developers PEG and Woodbury Corporation, the project will include the donation and construction of a pedestrian tunnel to allow for direct walkable access to campus, which will significantly reduce traffic congestion around the university – an area known for transportation gridlock and frequent crashes. 

While construction was originally scheduled for Fall 2017, the project was delayed when a group of nearby residents attempted to ban the land rezone required to build The Green on Campus Drive. Despite the opposition, Orem voters approved Proposition 5 during the November 2018 election period, granting approval for the development to go forward. 

The UVU Student Housing Project started years ago when former UVU President Matthew Holland approached PEG asking for help solving a major issue facing the university – a severe shortage of student housing. Market research shows current student housing facilities around the university collectively accommodate for less than 13 percent of the 39,931 students enrolled, forcing a large majority of UVU students to commute from across the Wasatch Front or independently find their own lodging away from campus. 

“On-campus housing has been shown to increase student retention, produce higher student GPAs and result in higher rates of student graduation,” said Richard Brunst, Orem City mayor. “I believe that this new complex is needed.”  

“We truly appreciate PEG and Woodbury’s commitment to building a student housing complex on this land,” said UVU President Astrid S. Tuminez. “This student housing development will look, feel and function like on-campus housing and allow our students the benefit of easily accessing the services, programs and activities of our university.”

“While building a housing community that allows for an simple, safe walk onto campus was always our number one priority, we are proud to have made a development that will also improve traffic, reduce Orem City’s carbon footprint and help UVU come closer to completing its master plot,” said Soren Halladay, chief investment officer at PEG.

With full support from the UVU Board of Trustees, the students of UVU, Orem City Council members, the Alpine School District and valued community members whose votes have brought the project to fruition, PEG and Woodbury Corporation wish to thank everyone involved for making continued education in the Intermountain West a priority.  

“This project has always been about helping students. There isn’t enough purpose-built student housing at UVU. This will be a fantastic thing for Orem and UVU,” said E. Taylor Woodbury, chief operating officer at Woodbury Corporation. 

Cameron Gunter, chief executive officer at PEG, adds further, “We are not just building a place for students to live – we are building a community where they can easily and fully experience the unique energies of campus life.”  

The first three buildings of The Green on Campus Drive are tentatively scheduled to open in Fall 2020, with the remaining two buildings to follow in Fall 2021. PEG and Woodbury Corporation look forward to working with R&O Construction as the general contractor and with Humphreys & Partners Architects on the design.  

Powered by WPeMatico

NEW YORK, NY -NDG Student Living announces that OC Ventures has bought Twin River Commons, a Class “A,” student housing community serving the students at Binghamton University. The 371-bed student community consists of one-, two-, three- and four-bedroom luxury residences. The property is professionally managed by NDG Student Living.

This is OC’s third acquisition of a student property at a flagship SUNY school in the last year, previously acquiring Block20 at the University of Buffalo and Block75 at the University of Albany. With 1,282-beds in Upstate New York, OC Ventures is the second-largest, off-campus student housing provider in New York.

“The acquisition of Twin River Commons, a high-quality purpose-built student housing community in the Binghamton University market, further increases OC Venture’s presence in the State University of New York (SUNY) system,” said Steve Zhang, CIO of OC Ventures. “All three major flagship SUNY schools in Albany, Binghamton, and Buffalo are experiencing record-breaking freshman classes and total enrollment thanks, in large part, to the state’s investment in higher education with their Excelsior Scholarship. With virtually no imminent on- or off-campus development in the pipeline, we believe our assets in all three markets are positioned to benefit from the improving strength of these markets.”

Built in 2012, the property has large, furnished floor plans, full-size washers/dryers in every unit, modern stainless-steel appliances, and offers cable TV service and high-speed Wi-Fi. The community also boasts a fitness center, study lounges on every floor, a cafe, recreation room, courtyard with outdoor kitchen, and free tanning services.

Twin River Commons is the only purpose-built student housing property in downtown Binghamton and appeals to students attending Binghamton University and SUNY Broome. Adjacent to Binghamton University’s downtown center in the heart of the city, students are within walking distance to many well loved restaurants and nightlife and convenient access to the University’s campus shuttle service.

“Twin River Commons has long been the premier choice for students at Binghamton University,” said Jerry Wojenski, CEO of NDG Student Living. “OC has truly bought a gem of a property. OC’s choice to retain NDG Student Living as the property manager showcases our record of providing brilliant service to our residents.”

Powered by WPeMatico

WASHINGTON, DC – Capital Square 1031, a leading real estate investment and management firm specializing in tax-advantaged Delaware statutory trust offerings, announced its acquisition of Bellemeade Farms Apartments, a 316-unit multifamily property located in Leesburg, Virginia.

“This multifamily community, which was bought for a Delaware statutory trust offering, primarily for Section 1031 exchange investors, is well located in Loudoun County, the wealthiest county in America, according to Forbes magazine,” said Louis Rogers, founder and chief executive officer of Capital Square 1031. “Capital Square is bullish on well-located multifamily communities such as this that boast ideal demographics, high occupancy and exceptional historical rent growth. We are pleased to add Bellemeade Farms Apartments to our growing portfolio and to provide this exciting opportunity to our investors. This is Capital Square’s largest offering, with a new milestone realized of over $1 billion of real estate sponsored for DST programs.”

Located at 775 Gateway Drive South East, Bellemeade Farms is comprised of 12 residential buildings and a clubhouse with a leasing office. The community includes efficiently designed one- and two- bedroom floorplans ranging in size from 583 square feet to 954 square feet. Community amenities include a resort-style pool, newly-renovated outdoor grilling and entertaining area, resident lounge, club room, dog park and spa, tennis courts, 24-hour fitness center with cardio studio and garden plots available to rent. 

Situated on 15.74 acres of land, the community was originally constructed in 1988 and has had $2 million invested in maintenance, landscaping and common areas by prior institutional ownership over the last three years.

“Bellemeade Farms fits well with Capital Square’s multifamily investment strategy of purchasing well located and maintained assets that offer value-add upside through interior unit and common area renovations,” said Whitson Huffman, vice president of acquisitions. “The property benefits from its proximity to historic downtown Leesburg, over 14 million square feet of retail, and employment centers, including the Dulles Tech Corridor and Reston. In addition, the regional tailwinds made by the Silver Line Metrorail extension and Amazon HQ2 support our long term view of continued growth in Northern Virginia.”

According to Mr. Huffman, the DC market is primed for success. Global Cities Talent Competitiveness Index (GCTCI) released a statement last week announcing that Washington D.C. was ranked number one in the world for talent competitiveness, and as being a hub for entrepreneurial talent: “Washington, D.C. has been crowned as the city that’s leading the way in talent competitiveness, thanks to its ability to attract and nurture entrepreneurs, whilst meeting the needs of being a strongly-connected, ‘global’ city. Its steady economy, dynamic population, outstanding infrastructure and connectivity, highly-skilled workforce and world class education are all characteristics which contribute to making the city such a talent hub.”

Since inception, Capital Square 1031 has sponsored 54 DSTs and has completed approximately $1.02 billion in transaction volume.

Powered by WPeMatico