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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