New York City — A joint venture between PEBB Capital and TriArch Real Estate Group has broken ground on a 153-bed student housing development located in the Morningside Heights neighborhood of Manhattan near Columbia University.
The partnership acquired the land parcel in February for $20.3 million. The 14-story, 64,000-square-foot building will offer studio, one-, two- and three-bedroom, fully furnished units. Shared amenities will include a state-of-the-art fitness center; a study area with breakout rooms and a conference center; an outdoor terrace; bike storage; a package room; security surveillance; a rooftop deck; and a coffee bar. The development is scheduled for completion in May 2020.