Campus Apartments, Howard University to Develop $107M Student Housing Project
- Mar 25, 2013
Campus Apartments L.L.C., the oldest and one of the largest privately held student housing companies in the nation, announced on March 19 it will develop two new on-campus residential facilities for Howard University. The project has an estimated cost of $107 million and is expected to energize the southeast core of the campus.
The two residence halls are designed to accommodate 1,360 students and will be built close to existing campus facilities to bring underclassmen closer to the vibrant core of the Howard University campus. They will include two-person semi-suites for underclassmen, communal social and study lounges, game rooms, laundry facilities and independent apartment units for faculty, staff and guests.
“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,” said Daniel Bernstein, executive vice president & chief investment officer at Campus Apartments, in a statement for the press. Plans also call for a 200-person multipurpose room, classrooms and academic advisory offices. The facilities will provide a new home for Howard University’s Office of Residence Life, as well.
Campus Apartments and Howard University are working on the $107 million development together with Provident Resources Group, RBC Capital, Clark Construction and McKissack & McKissack. The project was financed through tax-exempt bonds issued by the District of Columbia and is slated for completion by August 2014.
“The addition of these state-of-the-art residential facilities will help to revitalize the Fourth Street corridor of our campus and establish a physical community for students to live, learn and socialize,” said Sidney 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.”
Click here for more market data on Washington, D.C.