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JV Announces $100M Student Housing Development
Armada Hoffler Properties Inc. teamed with Spandrel Development Partners to develop $100 million of purpose-built student apartments in downtown Charleston, SC. Armada Hoffler will be both majority partner and general contractor in the joint venture.
The partners expect to deliver 600 new beds within one mile of the College of Charleston on George Street in time for the fall 2019 semester. Construction on the student housing is planned to begin in late 2017.
“With its high barrier-to-entry and net market deficit of over 5,000 beds, new student housing product in downtown Charleston fits perfectly into our development and investment strategy,” said Armada Hoffler President and CEO, Louis S. Haddad.
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