Author: Maggie St. Geme

The 626-bed development from Subtext will feature upscale apartments and amenities focused on enhancing student well-being

Orlando, F.L., September 26, 2024 – Subtext, a national student housing and multifamily real estate company, in partnership with Nuveen Real Estate, recently acquired 3.13 acres located at 3133 N. Alafaya Trail in Orlando, FL, for the construction of VERVE Orlando. The student housing community is located 0.2 miles south of the University of Central Florida (UCF) at the corner of North Alafaya Trail and Science Drive. Site work is underway, and construction will be completed in 2026. Subtext has multiple projects in pre-development in Florida’s top markets, with VERVE Orlando being the first to break ground.

The 200-unit, 446,078 square foot student apartment community will offer a mix of studio, one-, two-, three-, four-, and five-bedroom layouts, totaling 626 beds. Featuring over 15,000 square feet of interior and over 17,000 square feet of exterior shared amenity spaces, VERVE Orlando is designed to provide residents with all they need to achieve their personal and academic goals. Amenity highlights include open study spaces, large and small private study rooms, podcast/content creation studio, fitness center, wellness suite, gaming lounge, club room with indoor/outdoor bar and kitchen, beach resort-style pool courtyard, dog run, and more. The property also offers an attached garage of 573 parking spaces.

Located along a primary route into UCF, VERVE Orlando is positioned on the east side of Alafaya Trail, providing students easy access to campus. Additionally, VERVE Orlando’s proximity to the Central Florida Research Park provides its residents access to exceptional opportunities in their chosen fields.

“We’re excited to expand our portfolio to the UCF market. As a growing academic and research destination, there is an increased demand for elevated student housing in the area,” said Brandt Stiles, Founding Partner, Subtext. “Our approach is holistic, combining hospitality and human-centered design principles to create environments where our residents can truly thrive. VERVE Orlando is designed to support every facet of student life—academic, fitness, wellness, and professional. It’s not just about having the amenities. It’s about how those spaces invite meaningful connections, inspire growth, and help residents live their best lives.”

“We are looking forward to this partnership with Subtext in the VERVE Orlando project. Student housing development remains as one of the main objectives of our investment strategy in key markets like UCF,” said Carlos A. Burneo, Head of Housing Development for Nuveen.

Dwell Design Studio is the architect, with interior design by ESG Architecture & Design. Other development team partners include Live Oak Contracting as the general contractor, Kimley-Horn and Associates, Inc. as the civil engineer, and Simmons Bank as the lender.

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About Subtext

Subtext is a vertically integrated, nationwide real estate company focused on elevating the resident experience. We always have and always will start from the foundation: our residents. Because they’re our subtext. They’re the meaning and motivation behind everything we do. Every decision, design choice, and experience is built from the resident up. For more information about Subtext, or to inquire about opportunities, visit subtextliving.com.

About Nuveen

Nuveen Real Estate is one of the largest investment managers in the world with $147 billion of assets under management (as of December 31, 2023). Managing a suite of funds and mandates, across both public and private investments, and spanning both debt and equity across diverse geographies and investment styles, we provide access to every aspect of real estate investing. With over 85 years of real estate investing experience and more than 785 employees located across over 30 cities throughout the United States, Europe and Asia Pacific, the platform offers unparalleled geographic reach, which is married with deep sector expertise. Nuveen

The 259-unit development will feature upscale apartments and amenities focused on enhancing resident well-being

ST. LOUIS, MO, SEPTEMBER 24, 2024 – Subtext, a nationwide real estate company, in partnership with Larson Capital Management, a St. Louis private equity firm, recently acquired 1.98 acres at 6650 Delmar Blvd. in University City, MO, for the construction of LOCAL on Delmar. The five-story residential community is located in University City’s Delmar Loop entertainment district just north of Washington University in St. Louis. Construction will begin in September 2024 with completion expected in the summer of 2026. LOCAL on Delmar is Subtext’s second project in the area, after delivering VERVE St. Louis near Saint Louis University in 2021. Headquartered in St. Louis, Subtext has a strong understanding of the local market.

The 259-unit, 398,225-square-foot apartment community will offer a mix of studio, one-, two-, and three-bedroom layouts, including townhomes. The building will also host 399 parking spaces in a secure, attached five-story garage, and over 7,000 square feet of vibrant street level retail with an outdoor dining patio, adding to the energy of the Delmar Loop. Featuring approximately 12,000 square feet of shared amenity spaces, LOCAL on Delmar is designed to provide residents with an elevated living experience that will support their holistic health, wellness, work, and social needs.

Amenity highlights include a work from home hub with plentiful private and collaborative spaces; a wellness suite with sauna and meditation room; a gym with cardio, weights, and outdoor fitness; a yoga and open fitness studio; a pool terrace with grilling, cabanas, and fire pits; and a club room with media wall, game room, vinyl listening station, and entertaining kitchen. All of these spaces are designed to engage residents through a hospitality focus and a deep connection to local culture. Iconic architectural elements and salvaged items will bring in the rich spirit of the neighborhood. Located at the corner of Delmar Blvd. and Leland Ave. in the Loop, LOCAL on Delmar offers residents an unbeatable lifestyle and location just a 12-minute walk away from Washington University and within a short drive to Downtown Clayton, Forest Park, and Central West End St. Louis.

“This site has long awaited redevelopment, and we are proud to have worked collaboratively with University City to design a project that not only meets the housing needs of the community but also fits authentically within the context of the Loop,” said Brandt Stiles, Founding Partner, Subtext. “That is what our LOCAL brand is all about – putting residents first, creating spaces where they can truly be a part of the neighborhood and immersed in the local scene. We’re thrilled to be bringing this vision to life and contributing to the vibrancy of U City and the WashU community.”

LOCAL on Delmar was designed by ESG Architecture & Design. Other development team partners include local and regional groups: Brinkmann Constructors, general contractor; civil engineer, Stock and Associates Consulting Engineers, Inc.; and First Mid Bank & Trust as the lender.

“We have enjoyed a long and fruitful partnership with Subtext, as our firms share a common vision for how to bring exceptional value to residents,” adds Brian Satterthwaite, CEO of Brinkmann Constructors. “We have delivered premium projects across the country, but it’s particularly rewarding to build together in our home market and add to the development of the greater St. Louis area.”

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About Subtext

Subtext is a vertically integrated, nationwide real estate company focused on elevating the resident experience. We always have and always will start from the foundation: our residents. Because they’re our subtext. They’re the meaning and motivation behind everything we do. Every decision, design choice, and experience is built from the resident up. For more information about Subtext, or to inquire about opportunities, visit subtextliving.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 1,700 investors. Since February 2014, LCM has successfully created and managed 45 funds. For more information about LCM, www.larson.com/services/alternatives/real-estate.

About Brinkmann Constructors

Brinkmann Constructors is a national general contractor offering design/build, design/assist and construction management services to a wide variety of commercial industries, including student housing, senior living, industrial and retail. Brinkmann is a creative leader in the industry, advocating for clients and inspiring confidence in partners and stakeholders. Visit www.brinkmannconstructors.com for more information.

The 142-unit, 536-bed high-rise community brings a curated mix of amenities and thoughtful design to University of Wisconsin-Madison students.

Caption: VERVE Madison, completed and fully leased, brings elevated student living to Downtown Madison at 506 W. Johnson Street. Source: Photos by VONDELINDE.

Madison, WI, September 13, 2024 – Subtext, a national student housing and multifamily real estate company, and Harrison Street, one of the leading investment management firms exclusively focused on alternative real assets with approximately $55 billion in assets under management, along with architecture firm ESG Architecture & Design, revealed today the grand opening of VERVE Madison, a 12-story student housing community located just two blocks from the University of Wisconsin-Madison. The development, at 506 W. Johnson Street, benefited from several development team partners local to Madison, WI, including Stevens Construction Corp., general contractor; JSD Professional Services, civil engineer; and Damon Farber, landscape architect. Harrison Street served as the lead investor for the development and Old National Bank acted as the lender.

The 278,143-square-foot community features fully furnished one-, two-, three-, four- and five-bedroom apartments, totaling 536 beds across 142 units. The development offers 100% bed/bath parity, a uniquely competitive offering in the market, and 10,000 square feet of amenities, as well as ample vehicle, scooter and bike parking for residents. Apartment features include high-speed internet, controlled access, and designer finishes such as modern black accents, energy efficient stainless-steel appliances, and quartz counters with tile backsplashes. Select premium units include features such as closet upgrades, signature lighting enhancements, and private patios with hot tubs.

“From the beginning, the design goal for VERVE Madison was to elevate the off-campus student living experience from previously built projects between the University and the capitol,” said Neil Reardon, Partner, ESG. “The goal was to enhance amenity offerings and to create a modern, yet sophisticated design aesthetic that brought a new perspective to student living in Madison.”

Just a few blocks from the edge of campus at the corner of Johnson and Bassett, the development made efficient use of the 0.67-acre site by creating a distinct V-shaped high-rise that is placed up against the streetscape. The base is grounded with sculptural corner columns and a glassy street-facing façade while the upper floor brings contrast through a contextual light-colored masonry and a contemporary dark metal panel form. The rooftop features a pool, hot tub, cabanas, nearly 360-degree views of Lake Mendota and Lake Monona, and over 6,500 square feet of intensive prairie-style green roof pollinator gardens. The building is Fitwel certified, which means the residents’ health and wellbeing are a high priority in the design and practices of the community. Other VERVE Madison amenities include a multi-purpose turf and game zone, a state-of-the-art fitness center with sauna, a second-floor terrace courtyard with outdoor grilling and fire pit lounging, as well as ample study areas crafted for concentration and collaboration. VERVE Madison is 100% leased and reached its pre-leasing goal for the 2024-2025 academic year early in the lease-up.

“The development, design, and construction phases came together seamlessly,” said Tim VanMatre, Founding Partner, Subtext. “Stevens Construction did a fantastic job mobilizing, managing a complicated site, and achieving milestones. This all paved the way for a highly successful leasing effort, thanks to our on-site management team’s expertise. The lease-up was not only swift but a remarkable success, highlighting the building’s exceptional quality and its strong appeal to the student community. It also underscores the management team’s deep understanding of the residents—how to engage them and create a truly unique experience. For me, that’s what matters: building a dynamic ‘live, learn, play’ community that sparks excitement and maintains its vibrancy for years to come.”

“The successful completion and full occupancy of VERVE Madison is a clear indication of the ongoing demand for high-quality student housing that enhances the on-campus experience,” said Ben Mohns, Head of Asset Management-North America at Harrison Street. “VERVE Madison was developed with both residents and the university in mind and serves as an extension of the vibrancy of the region, underscoring our commitment to delivering student housing assets that fit seamlessly with the community.”          

The University of Wisconsin-Madison does not require freshman or sophomore students to live on campus, so walkability was key to the development. Not only is VERVE Madison 0.4 miles to the campus academic core, but the community is also walking distance to State Street’s boutique shops, restaurants, and nightlife. The project’s interior design is inspired by the location and the authenticity of Madison, as well as the spirit of the students.

“The design concept is, simply put, quintessentially Madison,” said Leisha McVicar, Director of Interiors, Subtext. “The artwork and custom graphics package is where we got the most creative, with numerous ties to the university and the city of Madison. They’re so subtle you probably wouldn’t notice if you weren’t a Badger yourself. Lucky for us, we had several certified Wisconsin Badgers on the team, and they were able to infuse little touches reflecting their traditions throughout… ‘Jump Around’ lyrics wrapping the mail room, red and white striped pants within the artwork, as well as a curation of vintage paraphernalia like song books, letterman patches, and surrealist football stadium portraits.”

Melissa Metzler, Director of Interior Design, ESG, added, “It’s about a new optimism, a new beginning, and also a nod to the importance of the past. We celebrate eclecticism and modernism, creating spaces that residents will feel connected to. Our design aims to be spirited and original, just like the students that live there.”

Caption: Madison is designed to inspire optimism and new beginnings among its student residents, with a unique flair inspired by the Wisconsin Badgers. Source: Photos by VONDELINDE.

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About Subtext

Subtext is a vertically integrated, nationwide real estate company focused on elevating the resident experience. We always have and always will start from the foundation: our residents. Because they’re our subtext. They’re the meaning and motivation behind everything we do. Every decision, design choice, and experience is built from the resident up. For more information about Subtext, or to inquire about opportunities, visit subtextliving.com.

About Harrison Street

Harrison Street is one of the leading investment management firms exclusively focused on alternative real estate assets. Since its inception in 2005, the Firm has created a series of differentiated investment solutions focused on demographic-driven, needs-based assets. The Firm has invested across senior housing, student housing, build-to-rent, healthcare delivery, life sciences and storage real estate as well as social, utility and digital infrastructure. Headquartered in Chicago and London, with offices throughout North America, Europe and Asia, the Firm has more than 280-employees and approximately US $56 billion in assets under management on behalf of institutional investors across the globe. Harrison Street was awarded Best Places to Work by Pensions & Investments for nine years (2014-2020, 2022, 2023) and since 2019 has won 15 awards from PERE, including three for the 2023 Awards: Alternatives Investor of the Year – Global, Data Centers Investor of the Year – North America, and ESG Firm of the Year – North America. For more information, please visit www.harrisonst.com. (Assets under management (“AUM”) reflects AUM for the Firm’s investment advisory and asset management clients, and is inclusive of the Firm’s regulatory AUM reported in its Form ADV.)    

About ESG
ESG Architecture & Design is a leading architectural and interior design firm dedicated to creating transformative buildings that enrich communities, elevate brands and inspire connections. With a focus on creativity, collaboration, and quality, ESG is championing a future in architecture that does more than offer a physical space, but a sense of belonging. For more information about our expertise, or to inquire about opportunities, visit esgarch.com.