Author: Madison Lodde

Subtext and PGIM Expand Columbia Presence

Written by Madison Lodde on June 23, 2026. Posted in Press Releases. No Comments on Subtext and PGIM Expand Columbia Presence

The 221-Unit Community Will Elevate Modern Urban Living in The Vista District

Rendering by ESG Architecture & Design

COLUMBIA, SC – JUNE 23, 2026 – Subtext, a national real estate company known for its resident-first approach to development, and PGIM, one of the largest real estate managers in the world with $217 billion in assets under management (as of 3/31/26), have acquired land for a new mixed-use multifamily community at 931 Senate Street. Located in the heart of Columbia’s vibrant Vista district, the 221-unit development builds on both firms’ commitment to investing in high-growth markets and creating thoughtfully designed residential communities. The project marks Subtext’s second development in Columbia following VERVE Columbia, which will welcome its first residents this summer.

“This project brings together everything we focus on as a platform: irreplaceable locations, thoughtful design, and a resident experience that drives real performance,” said Brandt Stiles, Founding Partner and Co-CEO at Subtext. “It’s a natural extension of our work in Columbia and a strong addition to The Vista.”

Directly across from the University Alumni Center, the community will span 297,088 square feet across seven levels and feature 221 units offering one, two, and three-bedroom layouts. Over 2,600 square feet of ground-floor retail is planned to activate the corner of Park and Senate Streets and strengthen the pedestrian experience within the neighborhood.

Situated between the University of South Carolina campus and Columbia’s downtown business district, the development offers walkable access to restaurants, coffee shops, entertainment and nightlife destinations.

“Our belief is that great communities start with great locations and a deep respect for what already exists,” added Stiles. “The Vista is one of Columbia’s most dynamic districts, and this project is designed to contribute to that energy while creating a residential experience that feels connected, intentional, and distinctly local.”

The community will feature more than 20,000 square feet of indoor and outdoor amenity space designed to support productivity, wellness, and social connection. Planned amenities include open and private study lounges, a fitness center with studio, cardio and weight training areas, a wellness suite with sauna and individual rooms, outdoor fitness and meditation spaces, and a pool courtyard with cabanas and spa. Residents will also have access to an indoor-outdoor bar and kitchen, fire pits, grilling stations, gaming areas, and a micro market.

Apartment interiors will feature luxury hardwood-style plank flooring, quartz countertops, stainless steel appliances, modern decorative lighting, tile backsplashes, frameless glass shower doors and 65-inch wall-mounted smart TVs.

Within the West Gervais Street Historic Commercial District, the community was shaped through collaboration with city staff and local stakeholders to ensure the design materiality complements the surrounding community. The rooftop amenity deck will further distinguish the property with views overlooking the South Carolina State House and downtown Columbia skyline.

“This project is reflective of the qualities we seek when investing in the living sectors, including a growing student population and strong demographic fundamentals,” said Soultana Reigle, Head of U.S. Equity for PGIM’s Real Estate investment group. “Well-positioned within The Vista district, the development aligns with our strategy of partnering with experienced developers to deliver high-quality residential communities in markets with compelling long-term growth potential.”

Project partners include Simmons Bank as lender, W.M. Jordan Company as general contractor, ESG as architect and interior designer, Pierce Engineers as structural engineer, and Davis & Floyd, Inc. as civil engineer. The development is expected to break ground in Summer 2026 and deliver in 2028.

About Subtext

Subtext is a vertically integrated, national real estate company focused on elevating the resident experience. From student living to public-private partnerships to conventional multifamily, Subtext creates thoughtfully designed communities that foster connection, productivity, and well-being. Its resident-first approach combines top-tier expertise, in-depth market research, and resident feedback to deliver lasting value. Subtext cultivates spaces where renters can live their best lives. For more information about Subtext, or to inquire about opportunities, visit subtextliving.com.

About PGIM

PGIM is the global asset management business of Prudential Financial, Inc. (NYSE: PRU), with $1.4 trillion in assets under management.* PGIM offers clients deep expertise across public and private asset classes, delivering a diverse range of investment strategies and tailored solutions—including fixed income, equities, real estate and alternatives. With 1,500+ investment professionals across 40 offices in 20 countries, we serve retail and institutional clients worldwide. For more information, visit pgim.com.

Subtext Expands Investment Platform with the Appointment of Chief Investment Officer and First Close of SIMCO Real Estate Fund I

Written by Madison Lodde on June 10, 2026. Posted in Press Releases. No Comments on Subtext Expands Investment Platform with the Appointment of Chief Investment Officer and First Close of SIMCO Real Estate Fund I

ST. LOUIS, MO – June 9, 2026 – Subtext, a national real estate company focused on elevating the resident experience, today announced the appointment of Kyle Torpey as Chief Investment Officer and President of SIMCO, Subtext Investment Management Company, alongside the first close of SIMCO Real Estate Fund I, LP (“SIMCO Fund I”). Together, these milestones represent a strategic expansion of Subtext’s capital efforts and broaden the firm’s ability to align with investors seeking exposure to purpose-built student housing opportunities.

SIMCO Fund I is designed to invest in a curated portfolio of top-tier student housing assets sourced through Subtext’s platform. The fund invests alongside institutional capital partners while benefiting from the firm’s integrated approach to development, acquisitions, design, construction, operations, and asset management. SIMCO Fund I has secured commitments representing approximately 25 percent of its target capitalization and has concurrently made its first student housing investment in the fund.

“This first close represents the expansion of our capital partner network in a meaningful way and creates new avenues for investors to participate in the growth of our business,” said Brandt Stiles, Principal of SIMCO and Founding Partner & Co-CEO of Subtext. “The successful launch of Fund I reflects confidence in our team, our strategy, and the opportunities we continue to identify across the student housing sector. We are excited about this evolution and optimistic about the long-term potential of the platform.”

In his role as Chief Investment Officer, Torpey will work closely with Subtext’s executive team and investment committee to strengthen capital partnerships, oversee investment performance, and support the long-term growth of the company’s national platform across student living and multifamily housing sectors. As President of SIMCO, he will oversee investment strategy, portfolio construction, and capital formation, and serve on the SIMCO Investment Committee.

Most recently, Torpey served as Co-Chief Investment Officer and Head of U.S. Investments at Madison International Realty, where he led investments across property sectors and managed a team of investment professionals. Throughout his career, he has worked on complex transactions, joint ventures, and portfolio strategies, and previously held investment banking roles at Goldman Sachs, Lazard, and UBS.

“I’m thrilled to join Subtext at such an exciting stage in the company’s evolution,” said Torpey. “Subtext has built a platform with a strong culture, entrepreneurial mindset, and clear vision for growth. I look forward to partnering with the team to continue expanding the platform and driving long-term value across the business.”

Founded in 2013, Subtext has grown into a national leader in student and multifamily housing with over $4.5 billion in assets developed and acquired, totaling 25,000+ beds in over 20 high growth markets. The company blends investment, development, asset management, and operations to deliver communities designed for long-term performance.

About SIMCO

Subtext Investment Management Company (SIMCO) is the investment management platform of Subtext, specializing in student housing and multifamily real estate investments. Leveraging direct access to Subtext’s development and acquisition pipeline, SIMCO combines data-driven insights, front-line market visibility, and experienced execution to connect private capital with high-conviction investment opportunities. The platform invests in assets designed to create value by elevating the resident experience, grounded in a strong alignment of interests. For more information about SIMCO, or to inquire about opportunities, visit subtextinvestments.com.

About Subtext

Subtext Names Mitchell Korte Partner

Written by Madison Lodde on May 11, 2026. Posted in Press Releases. No Comments on Subtext Names Mitchell Korte Partner

A decade-long leader at the company, Korte has helped shape Subtext’s growth, culture, and execution strategy nationwide

ST. LOUIS, MO – MAY 11, 2026 – Subtext, a national real estate company focused on elevating the resident experience across student housing and multifamily, is proud to announce that Mitchell Korte has been named Partner.

Korte will continue to serve as Executive Vice President of Development, overseeing all aspects of Subtext’s development projects, including market strategy, site selection, land acquisition, entitlements and approvals, design, deal structuring, and stabilization.

“Mitch is our longest-tenured team member, and over the past ten years, he has been instrumental in shaping Subtext into the company it is today,” said Brandt Stiles, Founding Partner and Co-CEO. “He has been part of every major chapter of our growth, helping build not only exceptional projects, but also the standards, culture, and execution approach that define Subtext today.”

Since joining the company in 2015, Korte has played an integral role in the development of over $3.7B in student housing and multifamily projects. Known for his humility, ownership, and disciplined approach, Korte has earned the trust of colleagues, partners, and investors alike. His leadership has been central to delivering high-quality communities and scaling Subtext’s national platform with consistency and integrity.

Prior to Subtext, Mitchell practiced law at an Am Law 100 firm, where he counseled clients through a variety of complex real estate matters, including loan origination, leasing, and securitization.

“I am incredibly honored to be named Partner at Subtext,” said Mitchell Korte. “What we’re building extends beyond real estate. It’s about creating places that shape how people live, connect, and experience community. I look forward to helping guide the next phase of Subtext’s growth and continuing to expand what our platform can achieve.”

Korte’s appointment comes at a pivotal time for Subtext as the firm continues to expand its national platform across development, acquisitions, and new strategic growth initiatives.

About Subtext

Subtext is a vertically integrated, national real estate company focused on elevating the resident experience. From student living to public private partnerships to conventional multifamily, Subtext creates thoughtfully designed communities that foster connection, productivity, and well-being. Its resident-first approach combines top-tier expertise, in-depth market research, and resident feedback to deliver lasting value. Subtext cultivates spaces where renters can live their best lives. For more information about Subtext, visit subtextliving.com.

Subtext Introduces VERVE Lexington, Elevated Student Living at University of Kentucky

Written by Madison Lodde on April 6, 2026. Posted in Press Releases. No Comments on Subtext Introduces VERVE Lexington, Elevated Student Living at University of Kentucky

The 784-Bed Community Features Neighborhood Café & Wellness-Forward Amenities

Rendering of VERVE Lexington by KTGY

LEXINGTON, KY – APRIL 6, 2026 – Subtext, a national real estate company known for its resident-first approach to development, has announced its first project in Kentucky, VERVE Lexington, a transformative student housing community adjacent to the University of Kentucky. Developed in partnership with Clarion Partners and Peninsula Investments in a qualified opportunity zone, the development reflects Subtext’s continued expansion into high-growth university markets where strong enrollment and limited housing supply are creating demand for thoughtfully designed student living.

“VERVE Lexington delivers the ultimate convenience next to campus, paired with a high-quality living experience intentionally designed for residents to thrive,” said Brandt Stiles, Founding Partner and Co-CEO at Subtext. “This development enhances the student experience while contributing to a more vibrant, connected community between campus and downtown Lexington.”

Located at 185 E Maxwell Street, directly across from the University of Kentucky, VERVE Lexington will span 460,136 square feet and feature 784 beds across 275 units with one-to-four-bedroom layouts. On the ground floor along Maxwell, a publicly accessible coffee shop will be integrated into the lobby, creating a lively and welcoming gathering place for both residents and the greater community. Beyond the activated lobby, VERVE Lexington will offer students more than 19,000 square feet of indoor amenity space and over 15,000 square feet of outdoor areas, inclusive of a second-floor terrace with a pool and clubroom, dedicated study environments, and best-in-class fitness and wellness spaces. Together, these amenities are designed to support academic success and holistic wellbeing, reflecting Subtext’s commitment to experience-driven living.

Situated just steps from UK and two blocks from downtown, VERVE Lexington allows residents to walk easily to class, Gatton Student Center, South Limestone’s restaurants and nightlife, and nearby city attractions. The strategic location allows the project to function as a bridge between the university and downtown, strengthening the energy and connectivity of the urban environment.

“We are pleased to partner with Subtext to develop new housing options near the University of Kentucky campus, a market supported by strong enrollment dynamics and sustained demand for high-quality student housing,” said Clarion Partners’ Senior Vice President of Transactions Brent Gerst. “Coupled with the benefits of the qualified opportunity zone program, we see a compelling opportunity to deliver both strong fundamentals and favorable investor outcomes.”

Project partners include Southern Building Group as general contractor, KTGY as architect and interior designer, and EA Partners as civil engineer. Pacific Life serves as the lender. VERVE Lexington is expected to break ground in Summer 2026, with delivery anticipated in Summer 2028.

About Subtext

About Clarion Partners

Clarion Partners, an SEC registered investment adviser with FCA-authorized and FINRA member affiliates, has been a leading U.S. real estate investment manager for more than 40 years. Headquartered in New York, the firm maintains strategically located offices across the United States and Europe. With over $72 billion in total real estate and debt assets under management, Clarion Partners offers a broad range of real estate strategies across the risk/return spectrum. Clarion Partners is a specialty investment manager of Frankin Templeton. For more information visit www.clarionpartners.com.

About Peninsula Investments

Headquartered in Miami, FL, Peninsula Investments Group is a leading private equity real estate firm specializing (through its different verticals) in the acquisition and development of student housing and residential projects in the U.S., as well as residential developments across Latin America. In student housing, the firm has invested in over 35,000 beds within more than 11,000 units in 20 U.S. states and the UK. For more information visit: www.peninsulainvestments.com.

About Southern Building Group

Southern Building Group is a multifamily general contractor specializing in the delivery of high quality apartment and student housing communities across the Southeast and Texas markets. The company focuses on early alignment, disciplined execution, and strong partnerships to deliver projects on time and on budget while protecting project outcomes for its development partners. Please visit our website at www.sbginc.us.

About KTGY

Design lives at KTGY. Founded in 1991, KTGY is an award-winning firm of architects, designers and planners that realize new possibilities through inspired design. Everything we do, from architecture and interior design to branded environments and urban design is based on a people-centric storytelling and design process that creates memorable experiences nationwide. Guided by our mission to bring innovative design to all people and places, we partner with our clients to envision spaces that make a positive impact on people and their communities. Visit www.ktgy.com.

Subtext and Larson Capital Management Break Ground on VERVE College Station at Texas A&M University

Written by Madison Lodde on January 13, 2026. Posted in Press Releases. No Comments on Subtext and Larson Capital Management Break Ground on VERVE College Station at Texas A&M University

The 21-Story Student Housing Community Will Deliver 1,193 Beds 
and 37,100 Square Feet of Next-Level Amenity Space 

Rendering of VERVE College Station by ESG, courtesy of Subtext.

COLLEGE STATION, TX – January 13, 2026 – Subtext, a national real estate company focused on elevating the resident experience, in partnership with FrontRange Capital, alongside equity partner Larson Capital Management and lender QuadReal Property Group, celebrates the groundbreaking of VERVE College Station, a transformative student housing development located at 311 Stasney Street, just steps from the Texas A&M University campus. Representing Subtext’s second development in Texas, VERVE College Station will deliver long-awaited housing designed to strengthen community engagement and foster student success.

“VERVE College Station embodies what Subtext is all about, creating dynamic and intentionally designed spaces that foster connection and elevate daily life,” said Tim VanMatre, Founding Partner and Co-CEO at Subtext. “Bringing our resident-first approach to College Station allows us to contribute to the academic and residential experience of Texas A&M students in a meaningful way.”

Once complete, the 21-story, 824,057-square-foot property will deliver 1,193 beds across 392 units and include 930 parking spaces. Layouts range from studios to five-bedroom apartments, each including features reflective of what today’s students value most, such as hardwood-style plank flooring, quartz countertops, designer lighting and tile, ceiling fans, stainless steel appliances, tile showers with frameless glass doors and 65-inch wall-mounted smart TVs, creating a comfortable living space that blends functionality and style.

VERVE College Station represents the next evolution in student living, offering a community-focused environment aligned with the growing trend toward inclusive and lifestyle-oriented student housing. VERVE complements Subtext’s EVER College Station, a 7-story, 545-bed property which broke ground across Cross Street last summer. Guided by Subtext’s “Places for All Headspaces” philosophy, VERVE and EVER provide spaces and experiences that support mental well-being, productivity, and social connection. Together, the two communities create a holistic living ecosystem, giving residents the ability to choose the environment that best aligns with how they want to live, study and connect throughout their college years.

“From the building systems to the smallest design details, VERVE College Station reflects a commitment to durability, performance and thoughtful architecture and design,” VanMatre continued. The result is a building that not only makes a statement within the College Station skyline, but also delivers long-term value through well-considered materials, efficient layouts, and elevated shared spaces.”

“This financing underpins QuadReal’s commitment to the student housing and living sectors,” said Paul Stern, Senior Vice President, US, Debt Investments at QuadReal. “We are pleased to be working with Subtext and Larson Capital Management to deliver this well-located and highly amenitized development in this key sub-market of Texas.”

Residents will enjoy more than 21,000 square feet of indoor amenity space and over 16,100 square feet of outdoor spaces programmed to enhance the living experience. Indoor spaces include open and private study areas for both focus and collaboration, a fitness center with cardio, weights, a yoga studio and a wellness suite with sauna and meditation rooms. Social amenities include a screening and game lounge with a multi-sport simulator, an indoor/outdoor bar and kitchen, and a fully integrated lobby coffee shop and mini-market designed to serve as a community anchor blending daily convenience with an activated, welcoming ground-floor experience. Outdoor spaces offer a resort-style pool and spa, complete with poolside cabanas and a jumbotron TV, grilling stations, fire pits, lounges with yard games, fitness and meditation areas and a dog run, providing opportunities for relaxation and community connection.

Located just a block and a half from Texas A&M University, VERVE College Station provides students with effortless access to campus life and the surrounding community, with dining, retail, and nightlife all within easy reach.

VERVE College Station is expected to be completed in Summer 2028. Subtext will deliver its first student housing development in the market, EVER College Station, in Summer 2027. EVER and VERVE College Station are supported by a dynamic team of development partners, including ESG Architecture & Design for architecture and interiors, Quiddity for civil engineering, and Ironwood Design Group for landscape architecture. OHT Partners is the general contractor of EVER, along with Emanuelson-Podas for MEP engineering and Viewtech Structural Consultants, Inc. as the structural engineer. Hoar Construction is the general contractor of VERVE with Power Design Inc. and Kilgore Multifamily as MEP Design Build Partners and SK&A Structural Engineers as the structural engineer.

About Subtext  

Subtext is a vertically integrated, national real estate company focused on elevating the resident experience. From student living to public private partnerships to conventional multifamily housing, Subtext creates thoughtfully designed communities that foster connection, productivity, and well-being. Its resident-first approach combines top-tier expertise, in-depth market research, and resident feedback to deliver lasting value. Subtext cultivates spaces where renters can live their best lives. For more information about Subtext, or to inquire about opportunities, visit subtextliving.com.

About FrontRange Capital

FrontRange Capital is a real estate private equity firm specializing in strategic partnerships with leading middle-market real estate companies. FrontRange provides both the capital and operational expertise for management teams to further institutionalize their businesses and execute their growth plans. The firm strives to serve its investors by being a partner of choice for real estate owners and operators, with investment opportunities and financial terms that reflect the value brought to each relationship. For more information, please visit frontrangecap.com.

About Larson Capital Management 

Larson Capital Management (LCM) is a Registered Investment Advisor (RIA) with a focus on real estate private equity offerings. Its primary goal is to acquire and develop real estate investments as an alternative investment solution for its investors. LCM’s leadership brings 20+ years of experience to its over 2,200 investors. Since February 2014, LCM has successfully created and managed 50+ funds. For more information about LCM, www.larson.com/services/alternatives/real-estate. 

About Hoar

Hoar Construction was founded 86 years ago, and throughout our history, we’ve been committed to learning from every project to improve our processes and deliver the best building experience possible for our clients and partners. With ten offices in 6 states and more than 4,900 completed projects across nine market sectors, building is our business, but we’re more than builders. We’re partners to our clients and leaders through the entire development process to ensure we deliver the results our clients want and expect. Always building. Always improving. Always in process. For more information about Hoar Construction, please visit www.hoar.com. 

2025 Wrapped: A Year in Review

Written by Madison Lodde on December 30, 2025. Posted in Articles. No Comments on 2025 Wrapped: A Year in Review

2025 marked a year of continued momentum for Subtext, defined by meaningful growth across our development pipeline, operating portfolio, and internal teams. This year included the delivery of new communities, expansion into top university markets, and continued growth of our brand presence nationwide. Each milestone reflected our commitment to thoughtful, resident-first development.

From major development milestones to team growth and industry recognition, our 2025 Wrapped video captures the highlights and energy that shaped the year.

Watch on Instagram
Watch on Vimeo

Throughout the year, Subtext delivered two new projects, celebrated five major topping-out milestones, and broke ground on three new developments. We also completed our first strategic acquisition, expanding our platform in top university markets while applying our focus on resident experience and performance to existing assets.

Our people and projects earned industry-wide acclaim, with 15 awards and list recognitions across development, design, student housing, leasing, marketing, and culture. These honors highlight the creativity, collaboration, and dedication of our team and partners, and reinforce the strength of our purpose-driven approach.

Across our portfolio, we expanded retail partnerships and launched five new concepts that bring energy, convenience, and connection to our communities. These partnerships play an important role in shaping vibrant environments that support daily life and meaningful experiences for residents.

Behind our achievements is our growing team. In 2025, we welcomed 17 new team members whose talent, perspective, and commitment continue to elevate our work and culture. Our team’s contributions strengthen our platform and support our ability to deliver exceptional communities across every market we serve.

Looking ahead to 2026, five new Subtext communities set to open: VERVE Tempe, EVER Knoxville, VERVE Orlando, LOCAL on Delmar, and VERVE Columbia. Beyond these deliveries, momentum continues through our growing pipeline and continued commitment to thoughtful, experience-driven communities.

Subtext Celebrates Four Wins at the 2025 MHN Excellence Awards

Written by Madison Lodde on December 5, 2025. Posted in Articles. No Comments on Subtext Celebrates Four Wins at the 2025 MHN Excellence Awards

Subtext is proud to be recognized with four awards at this year’s MHN Excellence Awards, an annual program honoring innovation, leadership, and standout results across the multifamily industry. These recognitions highlight the strength of our brand, the expertise of our team, and the meaningful resident experiences delivered across our growing portfolio.

Gold – Student Housing: VERVE Madison
Silver – Development Company of the Year: Subtext
Silver – Social Media Strategy: LOCAL Nashville
Bronze – Student Housing: VERVE West Lafayette

VERVE Madison’s gold award reflects our commitment to thoughtful and elevated student living environments where design and lifestyle intersect. With engaging spaces, a strong sense of place, and a successful pre-leasing performance, it continues to set a new benchmark in the Madison market.

The silver award for Development Company of the Year recognizes Subtext’s continued momentum in delivering purpose-driven communities nationwide. From strategic planning and design vision through construction and operations, this achievement reflects the incredible collaboration across our internal team and trusted partners.

LOCAL Nashville’s silver award for social media strategy showcases our ability to create compelling brand presence and digital engagement. Through community-first storytelling and tailored lifestyle content, LOCAL continues to build authentic connection online and in real life.

Finally, the bronze award for VERVE West Lafayette reinforces the power of intentional design in top-tier student housing markets. With curated retail and vibrant amenity offerings near Purdue University, the community exemplifies our resident-first approach and continues to drive strong results.

We are grateful to our partners, investors, and collaborators who make successes like these possible. Most importantly, we are thankful to our residents who bring our communities to life every day. Their experiences remain at the center of everything we do.

Residents are our subtext, and these achievements are a celebration of that commitment.

Subtext Expands Platform with First Acquisition: District Flats at the University of Missouri

Written by Madison Lodde on December 2, 2025. Posted in Press Releases. No Comments on Subtext Expands Platform with First Acquisition: District Flats at the University of Missouri

COLUMBIA, MO – December 2, 2025 – Subtext, a national real estate company focused on elevating the resident experience, has acquired District Flats, a six-story student housing property located at 127 South 8th Street, Columbia, Missouri.

District Flats is the first deal under Subtext’s acquisitions arm, marking a milestone that expands the company’s $2.8B development track record with a complementary strategy led by Partner & Executive Vice President, Mike Hung.

“This acquisition is a clear example of the strategy we set out to achieve,” said Hung. “Subtext’s student housing platform serves major university markets by meeting the growing demand for high-quality communities. We’re applying the same focus on resident experience and performance that has defined our ground-up developments, while expanding into opportunities where we can unlock value and strengthen our presence in top-tier university markets. District Flats is the prototype for our acquisition’s platform.”

The 259-bed, 119-unit building offers University of Missouri at Columbia students floor plans of one-, two- and four-bedrooms. The property is undergoing a brand repositioning and capital improvement program, including redesigned amenity spaces, an upgraded fitness center, and new study areas—enhancements that align with Subtext’s goal of delivering intentionally programmed environments where students can thrive.

“Returning to the Columbia market, where we delivered our first development, TODD, in 2015, is a full-circle moment for Subtext,” said Brandt Stiles, Founding Partner and Co-CEO of Subtext. “It speaks to how far we’ve come and where we’re headed in creating distinctive student communities nationwide.”

Positioned just two blocks from the University of Missouri and half of a mile from Columbia College, District Flats offers a walkable and bikeable lifestyle to campus, downtown, and the vibrant North Village Arts District. With Flat Branch Park, the MKT Trail, and Columbia’s dining and entertainment scene nearby, it offers the ideal balance of academic, active, and social living.

JLL’s capital markets team, led by Stephen VanLeer and Mike Brady, advised on the debt with Webster Bank serving as the acquisition lender.

For more information on Subtext’s properties and investment, please visit https://subtextliving.com/.

About Subtext

Subtext is a vertically integrated, national real estate company focused on elevating the resident experience. From student living to public private partnerships to conventional multifamily housing, Subtext creates thoughtfully designed communities that foster connection, productivity and well-being. Its resident-first approach combines top-tier expertise, in-depth market research and resident feedback to deliver lasting value. Subtext cultivates spaces where renters can live their best lives. For more information about Subtext, or to inquire about opportunities, visit subtextliving.com.

Subtext Celebrates Grand Opening of VERVE Ann Arbor, an Elevated Student Living Community at University of Michigan

Written by Madison Lodde on September 15, 2025. Posted in Press Releases. No Comments on Subtext Celebrates Grand Opening of VERVE Ann Arbor, an Elevated Student Living Community at University of Michigan

The 741-bed development features a ground-level, full-service Misfit Society Coffee Club, blending hospitality and residential living.

Photography by Shelsi Lindquist.

ANN ARBOR, MI – SEPTEMBER 15, 2025 – Subtext, a national real estate company focused on elevating the resident experience, has officially opened VERVE Ann Arbor, a new 12-story, 741-bed student housing development near the University of Michigan. Located at 721 South Forest Street, the 328,264-square-foot project includes 217 units ranging from studios to six-bedroom layouts.

Marking a first-of-its-kind integration for Subtext, VERVE Ann Arbor features a ground-level, full-service lobby coffee shop operated by local favorite, Misfit Society Coffee Club. The amenity enhances daily life for residents by providing a convenient, vibrant space to grab coffee, meet neighbors and engage with the local community. Now open to the public, Misfit Society Coffee Club at VERVE Ann Arbor is the brand’s second location in the city.

“Bringing a full-service coffee shop into the lobby at VERVE Ann Arbor was a bold step in rethinking how we design an active lobby lounge,” said Tim VanMatre, Founding Partner, Subtext. “From concept to opening, we programmed an environment that seamlessly blends daily convenience, community connection and social energy. Residents and the broader community can now experience a space that truly elevates everyday living.”

“This collaboration is a first proof of concept that we couldn’t be more excited about,” added Brad Goulding, Head of Brand, Misfit Society Coffee Club “The lobby at VERVE is not only a beautiful space—it feels like a natural extension of the welcoming, creative refuge our café is known for, and the perfect complement to our brand.”

Photography by Shelsi Lindquist.

VERVE Ann Arbor’s amenity offerings reflect the growing demand for housing that blends identity, design and experience. With holistic wellness at the forefront, the development responds to the values of Gen Z and Gen Alpha, who increasingly prioritize both mental and physical health. Key features include:

· Rooftop inclusive of a pool deck, hot tub, outdoor kitchen with grilling stations, poolside jumbotron, yard games, lounge areas and private cabanas with TVs

· Penthouse clubroom with fireplace and club kitchen

· A two-story fitness center with cardio and strength equipment

· Yoga studio, sauna and wellness rooms

· Private conference rooms and ample open study spaces

· Dog park

· Electronic package locker with 24/7 package pickup

· On-site bike storage with repair services

· EV stations

“We’ve spent years building in this market and developing a deep understanding of what students in Ann Arbor truly want,” said Brandt Stiles, Founding Partner, Subtext. “VERVE represents the culmination of that experience—a next-level development that redefines what student housing can be. From strategy and design to the resident experience, this project reflects our commitment to raising the bar and delivering something truly distinctive.”

VERVE Ann Arbor was developed in partnership with FrontRange Capital and Kayne Anderson Real Estate. Webster Bank served as the lender. Architecture was led by WDG Architecture and interiors were led by ESG Architecture & Design. General contracting was led by Brinkmann Constructors, representing their eleventh project with Subtext and underscoring a longstanding partnership across the country.

VERVE Ann Arbor is Subtext’s third development in Ann Arbor representing the company’s ongoing commitment to the market. Previous developments include Six11 and The Yard.

For more information or to explore VERVE Ann Arbor, visit https://verveannarbor.com.

About Subtext

Subtext is a vertically integrated, national real estate company focused on elevating the resident experience. From student living to attainable housing to conventional multifamily, Subtext creates thoughtfully designed communities that foster connection, productivity, and well-being. Its resident-first approach combines top-tier expertise, in-depth market research, and resident feedback to deliver lasting value. Subtext cultivates spaces where renters can live their best lives. For more information about Subtext, or to inquire about opportunities, visit subtextliving.com.

About FrontRange Capital

About Kayne Anderson Real Estate

Kayne Anderson Real Estate is a leading real estate investment firm, managing approximately $18 billion in assets under management across opportunistic equity, core equity, and real estate debt, with sector expertise in medical office, seniors housing, off-campus student housing, multifamily housing, and self-storage. Kayne Anderson Real Estate is part of Kayne Anderson, a $38 billion alternative investment management firm with more than 41 years of successful experience across real estate, infrastructure, energy, and credit. For more information, visit www.kayneanderson.com/real-estate. (As of June 2025)

Jeremy Lyman Joins Subtext as Partner & Executive Vice President of Capital Markets, Private Wealth

Written by Madison Lodde on September 8, 2025. Posted in Press Releases. No Comments on Jeremy Lyman Joins Subtext as Partner & Executive Vice President of Capital Markets, Private Wealth

ST. LOUIS, MO – SEPTEMBER 8, 2025 – Subtext, a national real estate company focused on elevating the resident experience, today announces Jeremy Lyman as Partner and Executive Vice President of Capital Markets, Private Wealth. In his new role, Jeremy will lead the firm’s private wealth equity strategy for its purpose-built student and multifamily housing portfolio. He will work closely with RIAs, family offices and high-net-worth investors, partnering with the development, construction, and acquisitions teams to drive disciplined execution and strategic growth.

His expertise in investor needs and proven track record of structuring offerings that foster long-term alignment and performance will be pivotal to the growth of Subtext’s investment platform. By highlighting the company’s past successes, long-term vision, and consistent execution, Jeremy will focus on building collaborative relationships with current and future partners.

“I was drawn to Subtext for its focused industry expertise, sustained momentum, and clear strategic vision,” said Lyman. “With a solid foundation already in place, I look forward to applying my experience to advance Subtext’s capital markets platform, leveraging our core strengths to drive meaningful growth and capture the opportunities ahead.”

Jeremy brings over a decade of real estate investment and equity fundraising experience. Prior to joining Subtext, he served as Senior Vice President of Capital Markets at Cottonwood, where he played a key role in scaling the capital markets team and in developing, launching and closing 13 investment funds totaling more than $900 million in equity since 2014.

“Broadening our private wealth platform is a natural next step in Subtext’s growth trajectory,” said Brandt Stiles, Founding Partner & Co-CEO. “Jeremy’s experience building high-performing capital teams positions us to deepen our investor relationships while staying true to our core values of transparency, alignment, and long-term value creation.” Learn more at subtextliving.com or explore investing at subtextliving.com/investment.

About Subtext

Subtext is a vertically integrated, national real estate company focused on elevating the resident experience. From student living to market-rate multifamily to attainable housing, Subtext creates thoughtfully designed communities that foster connection, productivity, and wellbeing. Its resident-first approach combines top-tier expertise, in-depth market research, and experiential design to deliver lasting value. Subtext cultivates spaces where residents can live their best lives. For more information about Subtext, or to inquire about opportunities, visit subtextliving.com.

Subtext Opens EVER West Lafayette, A Future-Forward Community at Purdue

Written by Madison Lodde on August 18, 2025. Posted in Press Releases. No Comments on Subtext Opens EVER West Lafayette, A Future-Forward Community at Purdue

The 449-bed development is Subtext’s first EVER-branded property, which delivers a new standard for student housing with holistic amenities and intentional design.

Credit: VONDELINDE

WEST LAFAYETTE, IN – AUGUST 18, 2025 – Subtext, a national real estate company focused on elevating the resident experience, has officially opened EVER West Lafayette, a new 6-story, 449-bed student housing community just steps from Purdue University. The project at 147 West Wood Street is Subtext’s second development in West Lafayette and the first to launch under its new EVER brand, which is designed to support student wellness, academic focus, and personal growth.

“EVER West Lafayette is more than just the next phase of our presence at Purdue University—it’s the first realization of our EVER brand,” said Brandt Stiles, Founding Partner of Subtext. “We designed this project for students who are actively shaping their future, with every detail intentionally crafted to support that journey. Bringing this vision to life in such a dynamic community, especially as Purdue continues its remarkable growth, is truly rewarding.”

The 245,649-square-foot development includes 143 units ranging from studio to four-bedroom layouts, including three- and four-bedroom townhomes that create a pedestrian-friendly, residential edge along Salisbury Street.

EVER’s amenity offerings reflect a growing demand for balance and wellbeing among today’s students. Key features include:

· Resort-style courtyard with pool, hot tub, and jumbotron

· Fitness center with cardio and strength training

· Yoga/barre studio, private wellness rooms, and sauna

· 24/7 lobby coffee bar, open study lounges, and private and collaborative workspaces

· Outdoor kitchen, grilling stations, fire pits, and cabanas with TVs

· Pet spa and dog park

· EV charging

· Bike storage

“This was a first for us—two ground-up developments, across the street from each other, delivered just a year apart,” said Tim VanMatre, Founding Partner at Subtext. “That kind of pace required serious coordination and a high level of trust. Our team and partners really showed up to keep momentum through every phase, from entitlement and design to construction and lease-up—and we even achieved TCO ahead of schedule allowing for a seamless transition to operations and move-in.”

Opening only a year after VERVE West Lafayette across the street, EVER West Lafayette represents a continuation of Subtext’s investment in the Purdue market and a shift toward future-forward student housing that blends intentional design, holistic wellbeing, and meaningful resident experiences.

EVER West Lafayette was developed in partnership with Kayne Anderson Real Estate. First Mid Bank & Trust served as the lender. Architecture and interiors were led by ESG Architecture & Design, with general contracting by Brinkmann Constructors. The project underscores Subtext’s commitment to walkable lifestyle communities and its evolving approach to purpose-driven development in top-tier university markets.

For more information or to explore EVER West Lafayette, visit everwestlafayette.com.

About Subtext

About Kayne Anderson Real Estate

Subtext Wins 2x 2025 Student Housing Business Innovator Awards

Written by Madison Lodde on June 26, 2025. Posted in Articles. No Comments on Subtext Wins 2x 2025 Student Housing Business Innovator Awards

Subtext is honored to be recognized with two national awards at the 15th Annual Student Housing Business Innovator Awards, held during the InterFace Student Housing conference in Austin, Texas. With over 145 entries judged by industry leaders, VERVE West Lafayette and VERVE Madison were both celebrated for their standout contributions to student housing.

Photos of VERVE Madison and VERVE West Lafayette

VERVE West Lafayette was awarded Best Implementation of Mixed Use in New Development for its integrated approach to community-building. The 751-bed development, located near Purdue University, includes 5,100 square feet of curated retail. The space was intentionally designed to serve both residents and the surrounding neighborhood. Featuring a modern Korean bodega, an upscale Japanese restaurant, and a casual Korean eatery, VERVE’s retail strategy goes beyond entitlement requirements to create a vibrant, community-connected experience.

Early collaboration with local entrepreneurs allowed Subtext to tailor the space to tenant needs, delivering a thoughtful mix of amenities that bring culture, convenience, and character to the street level.

VERVE Madison received the award for Best Interior Design Over 400 Beds in recognition of its bold and highly intentional design. Completed in August 2024, the 12-story, 536-bed community reflects the spirit of Madison through immersive graphics, whimsical artwork, and high-end finishes. Designed in partnership with ESG Architecture & Design, the interiors celebrate University of Wisconsin traditions while offering amenity-rich spaces that support academic success, wellness, and social connection.

From rooftop views of Lake Mendota to vibrant study lounges and wellness zones, VERVE Madison merges design and purpose to create an environment where students feel inspired, supported, and at home. The community reached 100% pre-leased prior to opening, a testament to the strength of its design and brand.

These recognitions reflect Subtext’s commitment to delivering thoughtful, resident-first developments that elevate the student living experience and contribute meaningfully to their surrounding communities.

See the full list of award winners linked below.
15th Annual Student Housing Business Innovator Awards