DALLAS, TEXAS – Construction is underway at Warhawk Village, a 372-bed (127-unit) development at The University of Louisiana Monroe (ULM). Servitas and ULM partnered together to bring new on-campus housing using a public-private partnership.
“This is the first new on-campus housing at ULM in over a decade. On-campus apartments have a waitlist and there is not capacity to accommodate the incoming medical students and over 100 athletes who are currently living off-campus. We are accomplishing this without any taxpayer dollars or financial commitments from the University,” said Angel Rivera, Senior Vice President of Development Services at Servitas.
The $26 million student housing development was financed through a public-private partnership (P3) tax-exempt bond issue, underwritten by Raymond James, with support from Provident Resources Group, who will own the building. This development will provide affordable on-campus housing options for students at ULM and help promote academic success by enhancing the students living experience, without adding debt to the university. “Our partnership with Provident Resources Group, a national non-profit foundation, and ULM lets us address the housing shortage on the campus, specifically adding much needed beds targeted at juniors, seniors, athletes, and medical students – at affordable rates.”
The student housing project will be located at 101 Peyton Drive in Monroe, Louisiana. ULM students can expect apartment-style units that will rent individually by the bed, and each unit will include a full kitchen, dishwasher, and washer and dryer. Units will include one, two- and three-bedroom that are fully furnished. Community amenities will include a fitness facility, on-site parking, and study areas throughout the facility for students.
The 127-unit (372 bed), development broke ground in early 2019 and is expected to be delivered in the fall of 2020. The team involved in delivering this project is Servitas as the developer, Annex Construction of Monroe, LLC as general contractor, PGAL the architect to design the proposed structure, financing by Raymond James, and support from Provident Resources Group.
Servitas is a nationally renowned real estate development firm specializing in student housing. The firm provides its clients with the full suite of services including market and demand research, development management, financial structuring (including public-private partnerships), construction management, and property management. Servitas has developed over 45 higher education student housing projects nationwide and secured over $1B in tax-exempt financing. More information on Servitas can be found at www.servitas.com.