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Greystar to Build Student Housing Near Virginia Tech
A 517,000-square-foot student housing community will be built near Virginia Tech in Blacksburg, VA. New York City-based Eyzenberg & Co. structured the ground lease for the project and procured the developer, Greystar.
The Charleston, SC-based Greystar will develop the 424-unit property on an 11.5-acre lot at 1001 University City Blvd., currently occupied by Sturbridge Square Apartments. The development will be able to accommodate approximately 1,040 students.
Nine of the multifamily complex’s 11 buildings will be razed to make space for six buildings that include one, two, three and four-bedroom apartments and townhomes. BSB Design Inc. is serving as the architect on the redevelopment.
Virginia Business reported that Blacksburg has seen a student housing surge since Tech’s $1.5-billion fundraising campaign to expand its programming, increasing enrollment to more than 36,000 students.
Construction is expected to begin fall 2020, and is scheduled for completion in fall 2022.
Photo: Virginia Tech campus. Image courtesy of Virginia Tech.
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