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12-Story MF Development Planned Near University of Virginia
Subtext has announced its largest development with VERVE Charlottesville, a student housing project adjacent to the University of Virginia (UVA) campus.
Developed with joint venture equity partner Kayne Anderson Real Estate, the housing community is located at 100 Stadium Road. The project represents Subtext’s sixth deal in 2024 and its first in Virginia.
Spanning 729,262 square feet, VERVE Charlottesville will feature 1,332 beds in 463 units with layouts ranging from studios to four-bedroom apartments. VERVE Charlottesville will contribute $6.8 million to the Charlottesville Affordable Housing Fund as part of project agreements.
The project team includes Sumitomo Mitsui Banking Corporation as the project’s lender, John Moriarty & Associates as the general contractor, ESG Architecture & Design for architecture and interiors, and WOLF ACKERMAN DESIGN as the local consulting architect. Additional partners include AJC Design Group for landscape architecture, SK&A for structural engineering, Timmons Group for civil engineering, and Williams Mullen as local counsel.
