Education Realty Trust (EdR) has secured a contract to develop a $46.1m collegiate housing community at Duke University in Durham, North Carolina, US.
EdR said it will carry out the development through a joint venture (JV) with Javelin 19 Investments of Washington.
EdR will have a 90% stake in the JV while the remaining 10% will be held by Javelin 19.
As per the deal, EdR will provide development, construction oversight and management services for the 386-bed community, which will be built on the West Chapel Hill Street site.
After completion, the urban-style, mid-rise development will feature studios, and one-bedroom and two-bedroom apartments.
Plans also include a lounge, coffee bar, fitness centre, yoga area, outdoor grilling area, swimming pool and a car park featuring 400 spaces.
EdR said the new community will be near recently leased university office and research space where graduate students will be employed or studying.
Demolition work has already started on the site on West Chapel Hill Street where the apartments are planned to be constructed.
Javelin 19 Investments principal Jill Homan said that he led several consulting projects focused on the nearby West End community while he was at Duke University.
"This highly traveled, yet under resourced corridor between Duke and downtown Durham is an incredibly exciting redevelopment opportunity," Homan said.
The project is anticipated to be completed in the summer of 2014.
Apart from Duke University’s project, EdR has several other projects in the US, including the University of Kentucky’s $25.8m central residence hall.
Image: The new building will be constructed on the West Chapel Hill Street site, which features Duke Chapel. Photo: NPatrick6.