Durham, N.C. — EdR will own 90 percent of the $46.1 million project, D.C.-based Javelin 19 will own 10 percent.
Durham, N.C. — EdR and Washington, D.C.-based developer Javelin 19 are co-developing housing near the Duke University campus. EdR will own 90 percent of the $46.1 million project. The housing will be complete in 2014, and it will be designed with upperclassmen or graduate students in mind. These advanced students comprised more than half the 2012 enrollment at Duke, where a majority of their housing needs are not met on campus, according to EdR.
The new community will be within walking distance of recently leased university office and research space where graduate students will be employed or studying. The location is also pedestrian to Durham's downtown entertainment district, the Durham Bulls baseball park and the recently completed city transportation hub. The occupancy rate for apartments in the Durham sub-market is in the high 90s.
"While a graduate student at Duke, I led several consulting projects focused on the nearby West End community," says Jill Homan, principal at Javelin 19 Investments. "This highly traveled, yet under-resourced corridor between Duke and downtown Durham is an incredibly exciting redevelopment opportunity."
The urban-style, mid-rise development will offer studios, one-bedroom and two-bedroom apartments along with upscale amenities — lounge, coffee bar, fitness center, yoga area, cable, Wi-Fi and Internet access, outdoor grilling area and swimming pool. An attached garage will provide approximately 400 parking spaces for residents.
Completing the team with EdR and Javelin 19 are lead architect JDavis Architects of Raleigh, N.C., civil engineer John R. McAdams of Durham, N.C., and Clancy & Theys Construction Co. of Wilmington, N.C.