Armada Hoffler Properties to build $100 million student apartment project in downtown Charleston
Armada Hoffler Properties Inc. said Thursday that the Virginia Beach-based REIT will team with Spandrel Development Partners to develop and build $100 million of new student apartments in downtown Charleston, S.C. Armada will serve as both majority partner and general contractor in the new joint venture.
According to the real estate investment trust, the Charleston peninsula is home to more than 20,000 students. Current enrollment at the College of Charleston approaches about 12,000 students. With two assets offering a variety of amenities and price points, Armada Hoffler expects to deliver more than 600 new beds within one mile of the College of Charleston in time for the fall 2019 semester. With the two projects, Armada Hoffler said it would be the largest private developer of student apartments in Charleston. The company expects to break ground later this year.
“With its high barrier-to-entry and net market deficit of more than 5,000 beds, new student housing product in downtown Charleston fits perfectly into our development and investment strategy,” Louis S. Haddad, Armada Hoffler Properties president and CEO, said in a statement. “We look forward to meeting the needs of the underserved student population on the peninsula, and are excited to once again team with a partner who has the local expertise to quickly entitle prime sites in one of our target markets.”
Spandrel Development Partners is a multidisciplined equity real estate development firm with offices in New York City and Charleston. It focuses on the multifamily, student, hospitality, industrial and retail market segments.