PRINCETON, NJ-American Campus Communities has started building the first 127-unit phase of a faculty and staff housing project for Princeton University.
The development was structured through the American Campus Equity program, under which the company will build, own and manage the project with a 70-year ground lease.
“This community will be a wonderful place to live,” said Bill Bayless, the CEO of American Campus.
The building site, known as the Merwik-Stanworth property, consists of two contiguous University-owned lots about half a mile north of the main University campus. Palmer Square, a retail, dining and entertainment district, is within walking distance.
The project is to be built to LEED Silver certification standards for environmental friendliness. It will include a total of 325 units, with 593 beds, intended to house primarily faculty and staff members in a mix of one-, two-, and three-bedroom apartment and townhome units.
The first phase of 127 units is slated for Ssummer 2014 occupancy, followed by 198 units with occupancy expected to begin in the latter half of 2015 and complete by the summer of 2016.
American Campus Communities, Inc. is the largest owner and manager of student housing communities in the United States. It owns 160 student housing properties containing approximately 98,800 beds. Including its owned and third-party managed properties, ACC's total managed portfolio consists of 191 properties with approximately 122,800 beds.
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