NEWARK, DE - Studio Green Delaware, a student housing community serving the University of Delaware, was recently named the country's "Best Turnaround Project" by Student Housing Business, a leading national trade publication that follows industry trends and news. As part of the Innovator of the Year Award ceremony, the honor was given to Campus Living Villages, a global developer and operator of premium on-campus and campus-adjacent student housing, at the InterFace Student Housing Conference in Austin, TX earlier this month. The particular award – one of 32 varied categories – was determined by a panel of independent judges based on criteria including occupancy and rental rate, condition and reputation, plus obstacles overcome in achieving the turnaround.
Source: Campus Living Villages
Coined the industry's most important information and networking event of the year, the third annual, three-day seminar and awards program was attended by 450 leading investors, developers, lenders, brokers, operators/managers and college and university housing officers. In the panel, "Report from the Frontlines," executives, including Campus Living Villages Vice President of Marketing John Iannuzzo, delved further into an update on preleasing and marketing efforts.
Located at 91 Thorn Lane in Newark, immediately west of the University of Delaware, Studio Green Delaware represents a nearly $6-million repurposing and enhancement of the former Towne Court/Park Place apartments. Once a neighborhood liability, the project is now a thriving community asset that supports a population of more than 1,000 students.
Campus Living Villages purchased the asset in late June 2008 and embarked on the conversion in August of that year. The transition to Studio Green culminated in the fall 2009 with the debut of a 10,000-square-foot, loft-style clubhouse – The Centre – featuring an indoor basketball court, yoga studio, business center, meeting room, fitness center, game room, screening room with surround sound, outdoor lounge and environmentally-friendly, heated saltwater lap pool.
Originally built in the 1950s, the garden style development with numerous green spaces now consists of 665 units with 325 one-bedroom, 290 two-bedroom, 34 three-bedroom and 16 four-bedroom units. The implementation of proactive safety measures has earned Studio Green certification in the Peace Outside Campus program. The property is one of only a handful of off-campus student housing projects around the country to have achieved the sought-after designation.