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Student Housing Case Study: 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