8 1/2 Canal
Project Results: Property opened for Fall 2011 at 100% occupancy. Through the first six months of operations, NOI is 11% ahead of budget with a projected year 1 NOI of approximately $3 million, for a yield on cost of 11%. The current market value is estimated at $38.5 million.
- Role: Design consulting, market analysis/feasibility, initial operations/lease-up, property management
- Location: Richmond, VA (Virginia Commonwealth University)
- Open: August 2011
- Total Cost: $27 million
- Beds: 540
- Strategy: Purpose Built Development