The 7-Story Project Features 845 Beds & 33,000 Square Feet of Curated Amenities  

Rendering of VERVE Fayetteville by Modus Studio 

FAYETTEVILLE, AR. – JUNE 2, 2025 – Subtext, a national real estate company focused on elevating the resident experience, has announced its first project in Arkansas: VERVE Fayetteville, a transformative student housing development adjacent to the University of Arkansas. The project is being developed in partnership with FrontRange Capital and Kayne Anderson Real Estate and reflects another milestone in Subtext’s mission to deliver dynamic, pedestrian-to-campus communities in high-growth university markets. 

“Expanding into Arkansas is a natural evolution of Subtext’s mission to shape exceptional living environments across the country,” said Brandt Stiles, Founding Partner at Subtext. “VERVE Fayetteville brings together inspired design, wellness-focused spaces, and meaningful resident experiences—all in a location deeply connected to campus life.” 

Located at 707 W Treadwell Street, just steps from campus, VERVE Fayetteville spans 532,300 square feet and will deliver 845 beds across 272 units, with one- to four-bedroom layouts. The community features 33,000 square feet of indoor and outdoor amenity spaces that are intentionally designed to support both academic success and overall wellbeing. Amenities include open and private study spaces, a coffee café, sports simulator, fire pits, a resort-style pool and hot tub, and a fitness and wellness center featuring cardio, weights, yoga, sauna, and private wellness rooms. VERVE Fayetteville’s bold architecture and dynamic programming reflect Subtext’s resident-first approach—supporting connection, identity, and personal growth in a high-energy, design-forward environment. 

Positioned just steps away from the University of Arkansas, VERVE Fayetteville offers exceptional walkability and access to campus, Downtown Fayetteville, the public greenway, local theaters, shopping, restaurants, and live music venues. 

“We are thrilled to enter the Fayetteville market with our trusted partners at Subtext,” said Ken Carl, Senior Managing Director at Kayne Anderson Real Estate. “The University of Arkansas is a growing institution with compelling supply and demand dynamics, and we look forward to delivering a best-in-class property in a highly walkable, pedestrian location that will enhance the student living experience.” 

Project partners include Kennedy Wilson as lender, Brinkmann Constructors as general contractor, Modus Studio as architect, and Vida Design for interiors. Additional contributors include AJC Design Group (landscape architecture), Viewtech (structural engineering), McClelland Consulting Engineers, Inc. (civil), and ENGR3 (MEP). John Rowland and Steve Lane of Colliers | Arkansas served as the exclusive brokers on the sale of the VERVE Fayetteville development site. 

VERVE Fayetteville is expected to deliver in August 2027. 

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 Kayne Anderson 

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 May 2025) 

About Colliers | Arkansas 

Serving Arkansas since 1972, Colliers | Arkansas is the state’s largest property management and full-service commercial real estate services organization. With 100+ staff members who have earned more commercial real estate professional designations than any other provider in the state, Colliers | Arkansas provides commercial real estate development management, disposition and acquisition services, tenant and landlord buyer and seller representation, corporate facilities services, investment real estate service and real estate management services. Connect with us at Facebook, X, or Instagram. 

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The 12-Story Student Housing Community Delivers Over 1,300 Beds and 25,000 Square Feet of Amenity Space

Caption: Members of the development team for VERVE Charlottesville, a new student housing development next to UVA grounds, posed at the official groundbreaking ceremony held on April 23.

CHARLOTTESVILLE, VA. – APRIL 24, 2025 – Subtext, a national real estate company focused on elevating the resident experience, celebrated construction milestones at a groundbreaking ceremony for VERVE Charlottesville, a transformative student housing development located at 100 Stadium Road, adjacent to the University of Virginia (UVA) Grounds. The project, which is Subtext’s largest development to date and its first in Virginia, is being developed with joint venture equity partner Kayne Anderson Real Estate and will be completed in Summer 2027.

The groundbreaking event welcomed representatives from Subtext and Kayne Anderson Real Estate, general contractor John Moriarty & Associates, lender Sumitomo Mitsui Banking Corporation (SMBC), ESG Architecture & Design, local consulting architect WOLF ACKERMAN DESIGN, landscape architect AJC Design Group, structural engineering firm SK&A, civil engineering firm Timmons Group, local counsel Williams Mullen, and city officials to celebrate the future addition of much-needed housing to the UVA community.

“VERVE Charlottesville is a reflection of what we stand for—design-forward, resident-focused communities built around the way students actually live,” said Brandt Stiles, Founding Partner at Subtext. “We’re excited to bring the energy of VERVE to Charlottesville, a city with deep roots, strong culture, and one of the most respected academic communities in the country.”

Once complete, the 12-story, 729,262-square-foot community will deliver 1,332 beds across 463 units, offering a range of studio, one-, two-, three-, and four-bedroom layouts. Designed to foster both academic success and social connection, VERVE Charlottesville will feature more than 25,000 square feet of curated amenity space, including a fireside lobby lounge, coffee café, dedicated library and study areas, a two-story fitness and wellness center, an outdoor fitness lawn, a multi-sport game lounge, F1 driving simulator, makerspace, pool terrace, and pet-friendly offerings such as a dog spa and pet park.

In addition to bringing new housing to the market, VERVE Charlottesville will contribute $6.8 million to the Charlottesville Affordable Housing Fund as part of its development agreement, reinforcing Subtext’s long-term commitment to investing in the city’s future.

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 Kayne Anderson Real Estate

Kayne Anderson Real Estate is a leading real estate investment firm, managing approximately $17 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 $37 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 March 2025)

ST. LOUIS, MO – MARCH 25, 2025 – Subtext, a national real estate company focused on elevating the resident experience, is expanding its platform with the launch of a Public-Private Partnerships (P3) vertical, reinforcing its commitment to addressing the nation’s growing housing crisis. To lead this effort, Subtext has appointed Patrick Parsons as Senior Vice President of Public-Private Partnerships.

With extensive experience in the real estate and housing sectors, Parsons will spearhead Subtext’s P3 initiatives, collaborating with municipalities, universities, healthcare systems, and other public and private organizations to create high-quality, professionally managed housing solutions in markets with significant unmet demand. This initiative will focus on households earning 80-120% of the area median income—a critical but underserved segment caught between luxury rentals and income-restricted affordable housing. The new vertical will leverage Subtext’s expertise in multifamily and student housing to develop attainable projects in high-cost markets that support essential workers, such as government employees, university faculty and staff, healthcare professionals, among many others.

“Subtext has always focused on forward-thinking housing solutions, and our new P3 vertical is a natural next step,” said Brandt Stiles, Founding Partner & Co-CEO at Subtext. “With deep experience in the collegiate and multifamily sectors, we are uniquely positioned to partner with public and private entities to address the ongoing housing crisis with efficiency, innovation, and certainty of execution. Our goal is to streamline development, mitigate risk for our partners, and bring critically needed housing to communities that need it most. Patrick’s leadership and expertise in developing and structuring successful P3 partnerships will be instrumental in driving this initiative forward.”

Subtext’s P3 approach focuses on long-term partnerships that streamline development processes, mitigate risks, and ensure quality outcomes for both stakeholders and residents. By partnering with universities and public entities, Subtext helps institutions focus on their core missions while ensuring that housing is developed on time and within budget. Additionally, Subtext’s low-cost tax-advantaged financing strategies help keep rental rates more accessible for residents, reinforcing its commitment to providing high-quality, cost-effective living options.

“The demand for attainable housing continues to grow, and Subtext’s expertise in multifamily and student housing enables us to play a key role in filling this critical gap,” said Parsons. “Public-private partnerships are a powerful tool for expanding housing options for middle-income households, ensuring high-quality communities in desirable locations and long-term value for our partners. I’m eager to bring my experience to the table and collaborate with our partners to develop solutions that will have meaningful community impact.”

Prior to joining Subtext, Parsons held key leadership positions with publicly and privately held real estate companies, where he led mixed-use developments, innovative project financing, and strategic funding and ownership models in partnership with public and private institutions. With over a decade of experience in P3 transactions, he has been instrumental in delivering more than $2.0 billion in mixed-use attainable rental housing projects nationwide.

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.

The two-phase project marks Subtext’s debut in the market, delivering 568 units
designed for the next generation of Texas A&M students

Rendering by ESG, courtesy of Subtext – EVER College Station on left, VERVE College Station on right.

COLLEGE STATION, TX – MARCH 17, 2025 – Subtext, a national real estate company focused on elevating the resident experience, in tandem with equity partner, Larson Capital Management, has unveiled two upcoming student housing developments, EVER and VERVE College Station. Centered in the Northgate Entertainment District, this two-phase, best-in-class development will serve the students of Texas A&M University.

“At Subtext, we’re creating communities that support every part of the college experience. Students juggle it all—wellness, academics, social life, and everything in between. EVER and VERVE College Station offer distinct spaces designed for the many ways students live, study, and connect, giving them the freedom to shape their own path,” said Brandt Stiles, Founding Partner and Co-CEO at Subtext. “It’s about meeting students where they are and offering environments that help them make the most of college.”

Located at 401 Stasney Street, EVER College Station will be a 384,788-square-foot, 7-story property with 545 beds across 176 units and 420 parking spaces. Located across Cross Street at 311 Stasney Street, VERVE College Station will be an 818,324-square-foot, 21-story property with 1,193 beds across 382 units and 882 parking spaces. These communities will stand out by offering two distinctive yet complementary living experiences, each tailored to meet the unique needs of today’s students. Built around lifestyle-driven design, purposeful amenities, and curated resident programming, they will create dynamic, engaging communities where students can thrive.

EVER and VERVE College Station will feature layouts ranging from studios to five-bedroom apartments. With the growing demand for student housing that supports mental wellbeing, productivity, and balance, EVER and VERVE College Station will include over 29,000 square feet of indoor amenities and an additional 26,000 square feet of outdoor amenities. Residents will have access to versatile study spaces, from open lounges to private and collaborative study rooms, all just steps from the coffee bar and mini market for quick bites and caffeine boosts. Wellness will be a priority, both indoors and out, with a fully equipped fitness center featuring cardio, weights, and yoga, a wellness suite with sauna and meditation rooms, and dedicated outdoor fitness and mindfulness spaces. The communities will place an emphasis on social engagement with recreational and entertainment spaces such as a screening and game lounge with multi-sport simulator, an indoor/outdoor bar and kitchen, a resort-style pool and spa with poolside cabanas, jumbotron TV, and a sky lounge with spa. Residents will also be able to unwind and socialize at outdoor grilling stations, fire pits, a dog run, and a game lounge with yard games—all thoughtfully designed to bring people together and enhance everyday living.

Situated 1.5 blocks from Texas A&M University, EVER and VERVE College Station will offer residents convenient access to campus by foot, bicycle, or car. The communities are also centrally located in an area with a high concentration of dining, retail, and nightlife options.

EVER and VERVE College Station are supported by a dynamic team of development partners, including ESG Architecture & Design for architecture and interiors, Emanuelson-Podus, Inc. for MEP engineering, Quiddity for civil engineering, and Ironwood Design Group for landscape architecture. OHT Partners is the general contractor of EVER and Viewtech Structural Consultants, Inc. is the structural engineer. Hoar Construction is the general contractor of VERVE and SK&A is the structural engineer.

The first phase of the project will begin construction in Summer 2025, with EVER College Station delivering in Summer 2027 followed by VERVE College Station in Summer 2028.

Renderings by ESG, courtesy of Subtext – EVER College Station on left, VERVE College Station on right.

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.

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Located in Delmar Loop, the project features 259 units and 7,100 square feet of retail space

UNIVERSITY CITY, MO – JANUARY 29, 2025 – Subtext, a national real estate company focused on elevating the resident experience, celebrated the start of vertical construction with a groundbreaking celebration for LOCAL on Delmar, a new 5-story multifamily development. In attendance were key community and project stakeholders including Terry Crow, Mayor of University City.  The project, located at 6650 Delmar Boulevard, is set to deliver much-needed housing for current and future residents of University City. Construction began in September 2024, with completion expected in the summer of 2026. 

 “LOCAL on Delmar is a special project, born from our St. Louis roots and strong local partnerships,” said Tim VanMatre, Founding Partner & Co-CEO at Subtext. “With our headquarters a short distance away, we’ve experienced firsthand the vibrant culture and close-knit community that make this a prime location for thoughtful development. With LOCAL on Delmar, we aim to deliver a dynamic living experience that captures the energy and creativity of the Loop while serving the broader U City and Washington University communities.”  

The 398,225-square-foot building will feature 259 units, offering a mix of studio, one-, two-, and three-bedroom layouts, including townhomes that walk out onto Delmar Boulevard. The development will also include 399 parking spaces in a secure, attached five-story garage, and approximately 7,100 square feet of vibrant street level retail space spanning the building’s frontage. These spaces, complemented by an outdoor dining patio, aim to energize the Delmar Loop.  

“LOCAL on Delmar represents a significant investment in our community, bringing much-needed housing and revitalizing a key corridor in University City,” said Terry Crow, Mayor of University City. “This project reflects our commitment to growth, sustainability, and enhancing the quality of life for our residents and neighbors. We are proud to partner with Subtext on this transformative development that will enrich the Delmar Loop and its surrounding areas.” 

LOCAL on Delmar boasts 12,000 square feet of shared amenities to support residents’ holistic health, wellness, work and social needs, including a club room with a media wall, vinyl listening station and entertaining kitchen, a work from home hub with plentiful private and collaborative spaces, a wellness suite with sauna and meditation rooms, a gym with cardio, weights and outdoor fitness, a yoga/open fitness studio, and a pool terrace with grilling, cabanas and fire pits.  

Situated at the corner of Delmar Blvd. and Leland Ave. in the Loop, LOCAL on Delmar offers an ideal location with connection to local culture and lifestyle. The development is a 12-minute walk from Washington University and within a short drive to Downtown Clayton, Forest Park and Central West End St. Louis. Subtext has also incorporated restored art and architectural elements into the design, further tying the project to the cultural heritage of the area. 

Key project partners include Brinkmann Constructors, a national general contractor, ESG Architecture & Design, and other local and regional groups including Larson Capital Management, Stock and Associates Consulting Engineers, Inc., and First Mid Bank & Trust. 

“Brinkmann has partnered with Subtext on many successful residential projects across the country,” said Tom Oberle, President of Brinkmann Constructors. “We are excited to be part of the LOCAL on Delmar team and build for them locally. Subtext designs and develops a great residential product. It will be a great addition to the vibrant Delmar Loop.” 

As Subtext’s second project in St. Louis, following the delivery of VERVE St. Louis near Saint Louis University in 2021, LOCAL on Demar addresses a critical need for new multifamily housing in University City. This development represents the best institutional-scale development opportunity in the market.  

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 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 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.

The 235-unit, 751-bed high-rise community will bring a curated mix of wellness features and best-in-class amenities to Purdue University students

West Lafayette, IN, August 6, 2024 – Subtext, a national student housing and multifamily real estate company, announced today the grand opening of VERVE West Lafayette, a 7-story mixed-use student housing community located just two blocks from Purdue University. The development, at 150 S. Chauncey Avenue, West Lafayette, IN, is Subtext’s first project in West Lafayette and second in Indiana, after VERVE Bloomington. Subtext is also developing EVER West Lafayette, its second West Lafayette project, which is scheduled to open across the street at 147 West Wood St. in 2025. 

The 235-unit, 400,310-square-foot community features fully furnished studio, one-, two-, three-, and four-bedroom apartments, totaling 751 beds. Apartment features include high-speed internet, controlled access, and designer finishes. Residents enter the building through a stunning double height lobby showcasing a grand staircase and a slide. VERVE West Lafayette features two restaurants and a high-end bodega fronting Chauncey Street, and provides residents with a short walk to the core of campus and State Street’s shops and restaurants. The property is 100% preleased for the 2024-2025 academic year.

“Subtext is excited to be in West Lafayette given Purdue’s commitment to growth,” said Brandt Stiles, Founding Partner, Subtext. “We experienced a very collaborative process with the city, which led to architecture that steps down from surrounding buildings and feels super contextual to the neighborhood. The building has quality, timeless materials, like masonry, and a 20-foot window wall at the street level that gives visibility into the lobby. With standout design details from the exterior to the interior, and walkability to campus and to State Street—which is really the epicenter of student activity off-campus—VERVE West Lafayette is here to deliver an unmatched resident experience.”

VERVE West Lafayette’s community amenities include local street-level retail, a state-of-the-art fitness center, a clubhouse with entertaining kitchen, and both open and private study spaces. The property also boasts active and Zen courtyards, which between the two feature a pool, jumbo TV, outdoor kitchen, multi-purpose lawn, grill stations, firepits, hammocks, and a dog park. Notably, VERVE West Lafayette is the only student housing property in the area with a year-round hot tub.

“In addition to the amazing features and amenities VERVE West Lafayette offers, residents will get an onsite team that is active, in tune, and responsive,” said Timothy VanMatre, Founding Partner, Subtext. “They were an integral part of not only creating the community here but helping to put the finishing touches on the property. The feedback the site team gathered during resident tours resulted in adjustments to our plans along the way, including changing the hot tub to year-round, increasing apartment TV sizes to 65 inches, and adding blackout curtains.” Architecture is by WDG Architecture with interior design by Ankrom Moisan. Other development team partners include Brinkmann Constructors, general contractor; TBIRD Design Services, civil engineer; and PNC, lender.

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.

The 697-bed development from Subtext will feature upscale apartments and amenities focused on enhancing student well-being

Columbia, S.C., July 2, 2024 – Subtext, a national student and multifamily real estate company, recently acquired 3.84 acres located at 450 Blossom Street in Columbia, S. C., for the construction of VERVE Columbia. The four-story student housing community is located along one of Columbia’s main thoroughfares and is two blocks from the University of South Carolina (USC) campus. Site work is underway and construction will be completed in fall 2026.

The 233-unit, 412,959-square-foot student apartment community will offer a mix of studio, one-, two-, three-, four-, and five-bedroom layouts, totaling 697 beds. Featuring over 16,000 square feet of shared spaces, VERVE Columbia is designed to provide residents with all they need to achieve their personal and academic goals. Amenity highlights include an outdoor sport court, game lounge, content creation studio, study pods, open study and private conference rooms, resort-inspired pool courtyard with cabanas and grilling, and fitness center complete with cardio/strength gym, sauna, meditation rooms, and yoga studio. 

Located at the corner of Blossom and Huger Streets, VERVE Columbia will occupy a coveted pedestrian location in the path of planned campus expansion to the west, and is positioned to benefit from increased student density, traffic, and activities. The property is also located across the street from Founders Park, where the USC Gamecocks baseball team plays home games.

“We’re excited to expand our portfolio to the University of South Carolina market. With steady enrollment growth over the last 10 years, accelerating in recent years, there is an increased demand for elevated student housing,” said Brandt Stiles, Founding Partner, Subtext. “USC is one of those quintessential college towns, and we have crafted this VERVE community within the context of the local environment—rich in history and tradition, but reimagined for the Gen Z audience.”

The VERVE Columbia architecture was designed by Dynamik Design and complemented with interior design by Mary Cook Associates. Other development team partners include W. M. Jordan Company, general contractor; Davis & Floyd, engineer, and CIBC, lender.

About Subtext
Subtext is a 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.

The 240-unit, 769-bed high-rise community will bring a curated mix of wellness features and best-in-class amenities to ASU students

Tempe, AZ, June 25, 2024 – Subtext, a national student and multifamily housing developer, announced
today that it will start construction at 1011 E Orange Street in Tempe, Arizona for the development of
VERVE Tempe, a 15-story student apartment community located within walking distance of the Arizona
State University campus. VERVE Tempe will deliver in Fall 2026 and is Subtext’s second project in
Tempe, having delivered Canvas in 2021.

The 240-unit, 479,388 square foot community will offer a mix of studio, one-, two-, three-, and four-
bedroom layouts, totaling 769 beds. VERVE Tempe provides residents with walkability to campus and
nearby retail and restaurant attractions, as well as proximity to the Valley Metro Lightrail.

In addition to 2,030 square feet of street-level retail space, VERVE Tempe will boast elevated amenities,
including a coffee bar with hot and nitro options; dedicated study space with booths, pods, and collab
rooms; game room with golf simulator; rooftop pool deck; and two-story fitness and wellness center with
spa, sauna, and yoga studio. Apartments will feature a bright, earthy color palette with designer
furnishings and finish selections residents love, like matte black hardware.

“VERVE takes ‘live, work, study, play’ to the next level. Subtext is excited to bring this experience to
ASU students,” said Brandt Stiles, Founding Partner, Subtext. “Student housing needs in Tempe continue to grow. With the right location and a thoughtfully designed community, our goal is to deliver an
unmatched resident experience.”

Architecture and interiors are by ESG Architecture & Design, which Subtext has a strong history of
working with in designing its upscale developments. Other development team partners include general
contractor Brinkmann Constructors with construction financing provided by Kennedy Wilson.

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.

The 136-unit, 498-bed high-rise brings thoughtful design and elevated amenities to the University of Tennessee, Knoxville.

Knoxville, TN, June 18, 2024 – Subtext, a national student and multifamily real estate company, and Brinkmann Constructors, a national general contractor, hosted an official groundbreaking ceremony on June 17, 2024 for VERVE Knoxville, a 14-story student housing community adjacent to the University of
Tennessee campus in Knoxville, TN. VERVE Knoxville is Subtext’s second project in Knoxville, following the delivery of TENN in 2018, and is expected to be completed in summer 2026.

Located at 1919 Lake Avenue, just one block away from the retail and dining district along Cumberland Avenue, VERVE Knoxville will offer 136 units with a mix of one- two-, three-, and four-bedroom layouts, offering a total of 498 beds. Each of the fully furnished apartments includes private bedroom(s) and bathroom(s), high-speed internet, washer and dryer, controlled access, and designer finishes.

Elevated Building & Amenities Design

Featuring modern architecture by Dynamik Design, the 329,294-square-foot community consists of nine residential floors over a 5.5-level parking podium with 318 residential parking spaces. VERVE Knoxville boasts over 12,500 square feet of shared amenities, including a wellness suite with a sauna and meditation rooms, a state-of-the-art fitness center and yoga studio, study pods and open study lounges, a pool terrace overlooking Mount Castle Park, and a rooftop sky deck and sky lounge, which is unique to the market.

“We’re hyper-focused on Power 4 Conference and R1 universities with strong market fundamentals and enrollment growth outpacing other top markets,” said Brandt Stiles, Founding Partner, Subtext. “These data points, combined with our experience in Knoxville, made this an ideal location for us. We’re excited to bring the VERVE brand to UT. VERVE is not just an exceptional building; it’s really a lifestyle designed for the unique needs and well-being of our residents.”

Brinkmann and Subtext have a long history of project collaboration that includes LOCAL Nashville, a 15-story multifamily community, which delivers in Fall 2024. VERVE Knoxville closed in May 2024 with construction financing from FNBO.

“We’re thrilled to partner with Subtext to bring another student housing property that supports students’ physical and emotional well-being to the University of Tennessee, Knoxville community,” said Brian D. Satterthwaite, CEO of Brinkmann Constructors. “We value our partnership with Subtext — together we have been able to create some really special communities in desirable locations while simultaneously providing real solutions for student housing demand.”

About Subtext
Subtext is a 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 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 or call 636-537-9700 for more information.