CHARLESTON, SC – Armada Hoffler Properties announced that the Company has teamed with Spandrel Development Partners to develop and build $100 million of new purpose-built student apartments in downtown Charleston, South Carolina. The Company will serve as both majority partner and general contractor in the new joint venture.
The Charleston peninsula is home to over 20,000 students and current enrollment at the College of Charleston alone approaches 12,000 students. With two assets featuring a variety of amenities and price points, the Company expects to deliver over 600 new beds within one mile of the College of Charleston in time for the fall 2019 semester.
With these two projects, Armada Hoffler Properties will be the largest private developer of student apartments in Charleston. The Company expects to break ground later this year.
“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 Louis S. Haddad, President and Chief Executive Officer. “We look forward to meeting the needs of the underserved student population on the peninsula and are excited to once again team with a partner who has the local expertise to quickly entitle prime sites in one of our target markets.”
Armada Hoffler Properties, Inc. is a full service real estate company with extensive experience developing, building, owning and managing high-quality, institutional-grade office, retail and multifamily properties in attractive markets throughout the Mid-Atlantic and Southeastern United States.