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

Subtext is proud to be named a Top 3 Developer in Student Housing Business this year. We’re honored to be recognized alongside the industry’s best—and even prouder of the team that makes it happen every day. With 17,562 beds in development, Subtext is building what’s next in student living with purpose, bold ideas, and a clear vision for the future.

Click the image below to view the issue.

Subtext is proud to have two award-winning projects recognized in the 2024 Best in American Living™ (BALA) Awards by the National Association of Home Builders (NAHB). As the home building industry’s premier residential design awards program, BALA honors excellence in multifamily housing, showcasing innovation in development, financing, design, and best-in-class management and marketing in the apartment and condo space.

Silver Award in Student Housing: VERVE West Lafayette

VERVE West Lafayette redefines student housing with an innovative, community-focused design just two blocks from Purdue University. This mixed-use development seamlessly integrates with its surroundings, transitioning from 12 to 7 stories to complement the neighborhood while maximizing density at 235 units and 751 beds.

Designed to be more than just a place to live, VERVE fosters connection, creativity, and well-being with 32,000+ square feet of thoughtfully curated amenities. The striking double-height lobby features a grand staircase and a two-story slide, setting the tone for an engaging and dynamic resident experience. Study spaces cater to all learning styles, while a high-end fitness center, yoga and meditation rooms, and a sauna support holistic wellness. Outdoor spaces include a resort-style pool deck, a year-round hot tub—the only one in the market—fire pits, and a Jumbotron for entertainment.

VERVE also brings vibrancy to the neighborhood with retail offerings, including two restaurants and a high-end bodega featuring a Japanese ramen machine. Its success speaks for itself, achieving full lease-up before delivery and setting a new standard for student housing in West Lafayette. Through intentional design and community-driven features, VERVE West Lafayette delivers an unparalleled student living experience.

Gold Award in On-the-Boards Multifamily: LOCAL Nashville

LOCAL Nashville is redefining urban living in the heart of Midtown, an emerging hub bridging Vanderbilt University and downtown. As one of the first developments in this evolving neighborhood, LOCAL played a pivotal role in shaping its transformation into a vibrant, walkable community.

Standing 15 stories tall with 307 thoughtfully designed residences, LOCAL Nashville blends sophisticated design with an authentic, locally inspired atmosphere. Over 10,000 square feet of curated amenities include a lively coffee bar, expansive coworking spaces, a hidden speakeasy, and a state-of-the-art music recording studio—paying homage to the city’s deep-rooted musical heritage. At the crown of the building, a sky deck offers an unparalleled indoor-outdoor experience with sweeping city views.

More than just a place to live, LOCAL Nashville fosters a sense of connection. Designed with the ethos of “places for all headspaces,” its interiors balance bold, jewel-toned sophistication with comfortable, curated spaces. Residents can seamlessly transition from work to leisure, whether catching up on emails over coffee or unwinding by the multilevel pool.

With a design and brand identity that elevates the living experience beyond expectations, LOCAL Nashville is more than a residence—it’s a destination that captures the spirit of Music City.

See the full list of award winners linked below.
BALA Winners Book 2024

2024 wasn’t just another year—it was a defining moment for Subtext as we shattered expectations and ushered in the next era of our growth. With a renewed vision, mission, and core values, we declared our commitment to disrupt the ordinary and deliver extraordinary results. We grew in more ways than one, adding 12 powerhouse professionals to our team who’ve joined us in redefining the future of housing.

Our obsession with creating next-level student living experiences came to life with the completion of VERVE West Lafayette and VERVE Madison. These developments didn’t just add over 1,200 residents to our portfolio; they set a new standard for what student housing should be. Across our properties nationwide, our teams went all in, transforming thousands of move-ins into moments that residents will never forget.

We didn’t stop there. This year, we hit major construction milestones, topping out EVER West Lafayette and VERVE Ann Arbor—two dynamic developments set to add another 1,200 beds next summer. We started construction on six groundbreaking new projects, bringing over 4,400 beds into the pipeline for 2026 and 2027. These are more than numbers—they’re proof of our relentless drive to lead the industry.

These achievements wouldn’t be possible without our unstoppable team. From our headquarters to our property teams in the field and our partners who bring their A-game every day—together, we’re building more than real estate. We’re crafting bold, innovative communities where residents can be their best selves and live their best lives.

As we close this epic year, we’re not slowing down but doubling down. To our team, partners, and residents: thank you for being the force behind our success. Here’s to an even bolder, brighter future ahead.

Watch our 2024 highlights reel:

Located Beside UVA Grounds, the 12-Story Project Features Over 1,300 Beds and 25,000 Square Feet of Amenity Space 

Rendering courtesy of ESG Architecture & Design 

CHARLOTTESVILLE, VA. – DECEMBER 16, 2024 – Subtext, a national real estate company focused on elevating the resident experience, has announced its largest development with VERVE Charlottesville. Developed with joint venture equity partner Kayne Anderson Real Estate, this transformative student housing community is located at 100 Stadium Road adjacent to the University of Virginia (UVA) Grounds. The project represents Subtext’s sixth deal in 2024 and its first in Virginia, setting a new standard for urban student living. 

“VERVE Charlottesville is a testament to our vision of delivering exceptional living experiences while advancing urban development,” said Brandt Stiles, Founding Partner at Subtext. “While the scale of this project underscores our ambition, it is the thoughtful details that define it. We remain focused on creating living environments that enrich the resident experience by combining convenience, community, and modern design.” 

Spanning 729,262 square feet, VERVE Charlottesville will feature 1,332 beds in 463 units with layouts ranging from studios to four-bedroom apartments. VERVE is thoughtfully designed to elevate the resident experience and create an active, vibrant community. Amenities include a fireside lobby lounge, coffee café, and a dedicated library alongside open and private study spaces. Wellness is prioritized with a two-story fitness and wellness center complemented by an outdoor fitness lawn. Social and recreational spaces such as a club room, makerspace, multi-sport game simulator, pool terrace, and pet-friendly features, including a dog spa and park, elevate the living experience. 

Situated directly next to the Grounds, VERVE Charlottesville offers unmatched proximity to UVA’s academic core, the University Hospital, and Downtown Charlottesville. As one of the nation’s top public universities, UVA continues to attract more students and break application records, yet a substantial shortage of purpose-built student housing—only 660 beds added in the last five years—has driven low vacancy and significant rent growth. 

In addition to its transformative design, VERVE Charlottesville will contribute $6.8 million to the Charlottesville Affordable Housing Fund as part of project agreements, reflecting Subtext’s dedication to supporting the city’s housing goals and the local community. 

VERVE Charlottesville is supported by a dynamic team of partners, including Sumitomo Mitsui Banking Corporation (SMBC) as the project’s lender, John Moriarty & Associates as general contractor, ESG Architecture & Design for architecture and interiors, and WOLF ACKERMAN DESIGN as the local consulting architect. Additional partners include AJC Design Group for landscape architecture, SK&A for structural engineering, Timmons Group for civil engineering, and Williams Mullen as local counsel. 

“We are thrilled to return to Charlottesville with our trusted partners at Subtext,” stated Ken Carl, Senior Managing Director of Kayne Anderson Real Estate. “The University of Virginia is a dynamic market with elite selectivity, strong enrollment trends, and limited supply dynamics, and we’re excited to bring VERVE Charlottesville to this historic University.” 

The project is expected to begin construction in December 2024, with completion slated for Summer 2027. 

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 Kayne Anderson 

Kayne Anderson Real Estate is a leading real estate investment firm, managing approximately $16.6 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 $36.4 billion alternative investment management firm with more than 40 years of successful experience across real estate, infrastructure, energy, and credit. For more information, visit www.kayneanderson.com/real-estate. (As of September 2024) 

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Subtext co-founders Brandt Stiles and Tim VanMatre sat down with Student Housing Business to talk about where we’ve been, where we’re headed, and what sets us apart. A few excerpts are included below and the full interview can be read here.

Stiles: At Subtext, we like to say that we build communities from the resident up. We believe that we can help our residents live their best lives through a built environment. We want to address their wants and needs through our projects. We have been developing student housing and multifamily projects for 11 years. Our thesis has always been the same: focus pedestrian-to-campus projects near Tier 1, major universities; flagship public school markets. We go after those hard to entitle, hard to assemble sites. We presently have about 3,500 beds that are operational, with about 5,000 beds under construction, with 7,000 more beds that are in pre-development. Throughout our history, we have developed to-date more around 14,000 beds, so that’s about 21,000 beds including our pipeline. We sold six properties in 2023. We have been ramping our growth over the past five years.

VanMatre: One historical note: we used to be known as Collegiate Development Group. We rebranded to Subtext in 2021 after launching our multifamily business. I’m not sure how many people out there know that.

Stiles: For us, it comes down to data, from a market perspective and a site selection perspective. Our perspective is that we create a project that is better located and more intentionally designed. We have a team that is dedicated to sourcing sites in what we believe are the best markets in the country. We use data to drive that initiative. We go after sites that a lot of our peers would avoid because they are complicated. We’ve been doing that since our inception. We want to have the best location in the best markets. We have had deals where we have acquired sites with two or three owners, and those that have had 40 or 50 sellers. It is challenging, but it is the only way to get a top site in today’s environment.

VanMatre: We spend a tremendous amount of time with data. Our development process is oriented around data. We have a data scientist on staff to help manage all the data available to us and to convey that data to our various departments. At every step of the way in the development process, we are asking the question ‘why?’ and we are letting the data give us the answers. We use external data and our own data from past projects and create models based on that knowledge. This helps us on every decision, from location to what our design should look like to what students are using in our projects. The key for us is to continue improving the amount of data we have as well as sources and use.

Subtext is honored to share that VERVE Boise has been announced as Merit Winner in the Student category of the 2024 Multifamily Executive Awards.

“At Subtext, our ‘Places for All Headspaces’ concept is a design tool we use in programming the building to meet the varied needs and aspirations of our residents. We strive to enrich the student living experience by addressing every facet of life—social, educational, wellness, and home,” says Maggie St. Geme, director of marketing at Subtext. “For example, VERVE Boise features multifamily study spaces and designated quiet zones depending on whether students want to study individually, collaboratively, in an open lounge, or in a private room. These options really help meet people where they are with the end goal of setting them up for success.

We believe that the amenities at VERVE Boise are truly unmatched in the local student housing market, when you consider the scale, quality, and adjacencies, meaning how the spaces connect and interact from an interior design and functional design perspective,” adds St. Geme. “This is both apparent as well as impressive when you walk into the lobby. VERVE Boise’s heated pool, year-round hot tub, and coffee and kombucha on tap are a few standout features that residents love.”

Read full article linked below.

VERVE Boise Provides More Than Housing for BSU Students

Subtext is proud to once again be named a Top 5 Developer in Student Housing Business. With more than 20 projects in growing our pipeline, we could not do it without a team who pours their own energy and expertise into each project—nor without our investment and development partners who make it all possible.

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