KNOXVILLE, TN - 908 Development Group has commenced construction on University Walk, a pedestrian to campus, off-campus student housing facility located within direct proximity to the University of Tennessee. University Walk will offer a fully amenitized student-oriented community consisting of 526 luxury beds serving students attending the University of Tennessee, located in Knoxville, TN.
“We are extremely excited to partner with such a well-versed and respected student housing firm like ACC on this opportunity,” stated Justin Wilson, 908 Development Group’s Principal. “ACC’s expertise in the design, marketing, and management of student housing is a superior benefit to the partnership,” states Wilson.
University Walk is a purpose-built student housing project, encompassing 5.6 acres in an urban-infill area within the City of Knoxville. The 177 units will feature high-end finishes including granite countertops, walk-in closets, stainless-steel appliances, in-unit washers & dryers, as well as a clubhouse and pool area outfitted with modern amenities. The community is scheduled to open for occupancy in Fall 2014.
Batson-Cook Company has been selected as the general contractor for the project, and BBVA Compass Bank is providing the construction loan while an affiliate of American Campus Communities is providing mezzanine financing as well as initial management, leasing and marketing for the project. In addition to the mezzanine loan, ACC has executed an agreement to purchase the property from 908 Development Group upon completion.
About 908 Development Group
908 Development Group is a Tampa based boutique real estate development company specializing in urban infill, multifamily properties. 908 Development Group’s focus is to create highly unique properties and innovatively functional living spaces through the utilization of cutting edge architecture, design and technology. As a socially responsible development firm, we develop real estate with a triple-bottom line investment approach aiming to simultaneously yield financial, social and environmental returns for all partners and stakeholders involved with their developments. For more information, visit them online at: www.908development.com
About American Campus Communities (ACC)
American Campus Communities, Inc. is the largest owner and manager of high-quality student housing communities in the United States. The company is a fully integrated, self-managed and self-administered equity real estate investment trust (REIT) with expertise in the design, finance, development, construction management, and operational management of student housing properties. American Campus Communities owns 161 student housing properties containing approximately 98,100 beds. Including its owned and third-party managed properties, ACC’s total managed portfolio consists of 194 properties with approximately 123,300 beds. Visit www.americancampus.com or www.studenthousing.com