May 10 2013
American Campus Communities, Inc., the largest owner, manager and developer of high-quality student housing properties in the U.S., today announced that it has commenced construction on the first phase of an owned faculty and staff housing project for Princeton University.
Front facade of Princeton's Merwick Stanworth townhome and apartment community (Photo: Business Wire)
The development was structured via the American Campus Equity (ACE®) program under which the company will develop, own and manage the project through a 70-year ground lease structure.
“We are honored to help deliver premier housing for Princeton faculty and staff,” said Bill Bayless, American Campus CEO. “By providing an affordable housing option with updated amenities and located in a vibrant neighborhood convenient to campus, this community will be a wonderful place to live.”
The Merwick-Stanworth site, which will consist of 325 units with 593 beds, is situated on two contiguous University owned sites approximately 0.45 miles north of the main University campus and pedestrian to Palmer Square, a vibrant retail, dining and entertainment district in the heart of Princeton. The new community, currently tracking LEED™ (Leadership in Energy and Environmental Design) Silver certification, is intended to serve and house primarily faculty and staff members in a mix of one-, two-, and three- bedroom apartment and townhome units. The project will open in a phased delivery with 127 units slated for Summer 2014 occupancy, followed by 198 units with occupancy expected to begin in the latter half of 2015 and will be complete by the summer of 2016.