Armada Hoffler Properties will be a majority partner as well as the general contractor in the joint venture.
The project will include the construction of two buildings with 600 new beds within 1.6km of the College of Charleston, which has 12,000 students enrolled.
Armada Hoffler Properties’ president and CEO, Louis Haddad, said: “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.
“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.”
Construction work is expected to start later this year.
* For more information on the US construction market, visit the Construction Intelligence Center Report Store.