ARLESTON, SC – April 4th, 2014 – CampusWorks Development, a Charlotte-based student housing developer and builder started construction on a 430-bed off-campus student housing community serving the College of Charleston. The project, 930 NoMo, is a joint venture partnership with Kayne Anderson Real Estate Advisors and Kaplan Residential. The senior lender is PNC Real Estate and the project is expected to be delivered for the fall 2015 academic school year.
930 NoMo will be located in the heart of the North Morrison District on the Charleston peninsula.
The project will be constructed on 2.5 acres adjacent to the Arthur Ravenel Jr. Bridge on the Cooper River. The project will include modern day amenities such as a 6,500 square foot clubhouse, 10,000 square foot pool terrace, 9,000 square foot elevated courtyards, waterfront views and community balconies with a rooftop terrace.
The urban community will be an elevator-served five-story wood framed building with 1-story over podium parking including a cycling center, soundproof music room and large reception lobby on the first floor. 930 NoMo will also include resort style outdoor features with a large swimming pool including a tanning ledge, sundeck, fire pits and grilling areas. In addition, the project will include two service bars, a built-in ice machine, a DJ booth, cabanas, retractable FUNbrellas and a bocce court.
930 NoMo has bus line access. In addition, the community will provide a shuttle for students to and from campus, and will service social hours throughout the weekend. Students will have an option to park their vehicles in a large number of parking spaces under the podium or choose to surface park on the adjacent 2.4 acres of land connected to the property under the bridge.
The project is designed by Charlotte, NC based architect, Axiom Architecture. CW Construction, a CampusWorks Company, will be the general contractor and the property will be managed by Asset Campus Housing.
About CampusWorks & CW Construction
CampusWorks is a nationally recognized developer and builder of student housing apartment communities. Since its founding in 1999, CampusWorks has experienced extensive growth, with a combined student housing portfolio exceeding 13,500 beds in Acquisition, Development & Construction. Additionally, CampusWorks has a joint venture ownership interest in over 7,200 student housing beds in 15 university markets in excess of $500 million. CampusWorks affiliate, CW Construction, performs all construction and general contracting services for the company, in addition to providing third-party services for student housing and multi-family developers. For more information, visit www.campusworksdevelopment.com.
About KAPLAN Residential
Recognized for its hands-on approach and “personal touch” Kaplan Residential remains true to its heritage. Evolved from a family owned and operated business, Kaplan Residential focuses on developing, building and managing the most innovative and timely multi-housing solutions throughout the Southeast. Led by Morris Kaplan, who brings more than 40 years of applied development and construction expertise, the Company approaches each design with the diligence and attention to detail that turns projects into communities and housing into homes. For more information, visit www.kaplanresidential.com.
About Kayne Anderson Real Estate Advisors
Kayne Anderson Real Estate Advisors is the private equity real estate arm of Kayne Anderson Capital Advisors, a $25.5 billion investment management firm with 30 years of successful experience in the energy, real estate, growth capital, middle market credit and distressed municipal sectors. KAREA currently has three funds, with commitments of more than $1.5 billion, investing in specialized niche real estate sectors. The company invests in existing properties on a direct basis and in developments on both a joint venture basis or on a forward take-out basis. KAREA currently controls approximately 36,226 student housing beds, 1,100 conventional multifamily units, 15,025 self-storage units, and almost 825,450 square feet of medical office space. KAREA sold 23 of its assets, 20 of which were included in the largest private sale of a student housing portfolio in history. For more information, visit http://www.kaynecapital.com/strategies/realestate-private-equity.
For further information please contact:
(704) 821-5599 x101