Public-Private Partnership Closes on Financing for 2,100-Bed Student Housing Development at Appalachian State University
BOONE, N.C. — A public-private partnership between RISE: A Real Estate Co., Beyond Owners Group and Appalachian State University has closed on financing for the development of a 2,100-bed community on the university’s campus in Boone. The three-phase development will include the demolition and replacement of six existing residence halls totaling 1,800 beds, as well as the addition of 300 new beds and a 477-space parking deck.
The communities will offer a mix of unit types ranging from apartments to shared suites primarily serving freshman students. Shared amenities will include 13,000 square feet of community space, living-learning programming, study rooms and lounge spaces. Construction began on Phase I of development in February, with full delivery scheduled for 2022.
The project team includes architect Niles Bolton Associates; design consultant Jenkins-Peer Architects; general contractor Choate Construction; civil engineer Stanley D. Lindsey & Associates; and project management firm Brailsford & Dunlavey. The Public Finance Authority has issued tax-exempt project revenue bonds to the ownership group to fund the development. RBC Capital Markets was the bond underwriter.