WASHINGTON, DC - Campus Apartments announces a development project with Howard University that will enhance the University’s on-campus housing stock and help to establish a dedicated residential neighborhood for its underclassmen. The new modern living-learning facilities are designed to accommodate 1,360 students and will include generous social, study and programming spaces. The estimated cost of the project is $107 million.
Slated for completion by August 2014, the project will deliver two on-campus residential facilities that will energize the southeast core of the campus. The residences will include two-person semi-suites designed to serve the University’s underclassmen population, as well as communal social and study lounges, game rooms, laundry facilities and independent apartment units for faculty, staff and guests. The facilities will also include a 200-person multipurpose room, classrooms, academic advisory offices and a new home for the University’s Office of Residence Life.
“The addition of these state-of-the-art residential facilities will help to revitalize the 4th Street corridor of our campus and establish a physical community for students to live, learn and socialize,” said Sidney A. Ribeau, President of Howard University. “By improving the quality of our housing, this project will aid in the recruitment and retention of students and enhance the overall collegiate experience at Howard University.”
The new residence halls will be built in close proximity to existing campus facilities in a strategic effort to bring underclassmen closer to the vibrant core of the Howard University campus. Dr. Barbara Griffin, Vice President for Student Affairs, said, “This neighborhood-style development will create a strong sense of community for students and will promote collaborative opportunities across the University.” When complete, this project will be a significant step forward in the University’s plan to provide a holistic residential life experience.
According to Daniel Bernstein, Executive Vice President and Chief Investment Officer at Campus Apartments, this transformational project will have a lasting positive impact on the entire campus. “The residence halls are designed to foster a true live-learn environment for underclassmen and will attract new generations of students for years to come,” Bernstein said. “It is extremely rewarding to be part of a project that will redefine the campus landscape and provide the types of facilities that will help the University achieve its institutional goals.”
To help design, develop, finance and construct the project, Campus Apartments and Howard University assembled a talented and experienced project team, including Provident Resources Group, RBC Capital, Clark Construction and McKissack & McKissack. The project was financed through tax-exempt bonds issued by the District of Columbia.
Campus Apartments, LLC, the oldest and one of the largest privately held student housing companies in the nation, is a leader in the development and management of university-affiliated real estate. The company has more than $2 billion worth of assets under management with more than 30,000 beds in 24 states.