Student housing community to be built near Virginia Tech
It will be 517,000 square feet and have 424 units.
A 517,000-square-foot student housing community will be built near Virginia Tech, New York City-based Eyzenberg & Co. announced Thursday.
Financial terms of the development have not been disclosed.
Charleston, South Carolina-based real estate developer Greystar will develop the 424-unit property on a 11.5-acre lot at 1001 University City Boulevard that is currently occupied by Sturbridge Square Apartments. The development will be able to accommodate approximately 1,040 students.
Nine of the 11 buildings will be razed to make space for six buildings that include one-, two-, three- and four-bedroom apartments and townhomes. The architect for the project is BSB Design Inc.
Blacksburg has seen a student housing surge after Tech’s $1.5 billion fundraising campaign to expand its programming, expanding enrollment to more than 36,000 students.
Construction is expected to begin fall 2020 and is scheduled for completion in fall 2022.
Sturbridge Square LLC used Eyzenberg for the ground lease transaction. The company was also the adviser and owner’s representative in structuring the ground lease of a 349-unit student housing community at the University of North Carolina at Chapel Hill, North Carolina.