Place Properties Developing Apartments for Military Nationwide
- May 20, 2008
Place Properties L.P., a privately-held real estate development firm headquartered in Atlanta, announced the opening of its first five off post military housing communities for soldiers, contractors and local civilians. The communities are at Texas’ Ft. Hood (pictured) and Ft. Bliss, Georgia’s Ft. Benning and Ft. Stewart, and Ft. Sill in Oklahoma. A sixth community is underway at Ft. Campbell in Kentucky. These new Independence Place communities represent more than $300 million of private investment to develop apartments for soldiers who are obliged to live off post because the on post barracks are full or obsolete. As explained to CPN by a spokesperson, there is no contributed public funding for these developments. After BRAC (Base Realignment and Closures) realignment, many posts are struggling to house the influx of additional soldiers. Unlike conventional multifamily apartments, Independence Place leases individual bedrooms. This structure limits the liability for the soldier should a roommate be deployed or leave for any other reason. Most utilities are included in the rental rate, eliminating utility deposits or set-up fees. Rents at the Fort Benning development start at $558 per bedroom in a four-bedroom unit and reach $875 for a one-bedroom unit. Each bedroom has its own bathroom, and units are fully furnished. Under the premise of “resort style” housing, each gated development offers amenities such as a hi-tech clubhouses, fitness centers, computer rooms and extensive outdoor facilities. Place Properties has over 14 developments in various stages of construction. The company has developed more than $525 million of student and military housing properties since 1996 and manages more than 17,000 beds. According to the St. Louis Dispatch, Place Properties was granted a zoning variance by Edwardsville, Ill. on May 6. That project, for a 144-unit student housing complex, is expected to be challenged by a neighborhood group.