SOURCE: Campus Advantage

Campus Advantage

March 26, 2015 15:50 ET

Campus Advantage and Pinecrest Partners Launch New Student Housing Development

Project to Serve Students Attending the University of Tennessee, Knoxville

AUSTIN, TX--(Marketwired - Mar 26, 2015) - Student housing developer/owner-operator Campus Advantage recently launched its newest project, The Knox, which will serve students attending the University of Tennessee, Knoxville in Fall 2016. Equity for the 101-unit, 382-bed community has been provided by Pinecrest Partners.

The Knox will feature three-, four- and five-bedroom apartments. Located at 1505 Clinch Avenue, this best-in-class location will put residents less than 100 feet from the University of Tennessee, Knoxville campus. Residents will enjoy an unusually short walk to class, whereas residents of many other student housing properties must travel more than two miles to campus.

After purchasing the site, Campus Advantage worked closely with the Historic Preservation Office at the City of Knoxville, as well as the Historic Fort Sanders Neighborhood Association, to design a project that will be a win-win for the neighborhood and the campus alike.

"We took great care to design plans for a development that is a good fit for the neighborhood and for the university," said Mike Peter, President and CEO of Campus Advantage. "Our years of experience culminated in the unique plan for this challenging development site."

The community consists of two buildings, a five-level building and a six‐level building, and features two levels of gated garage parking and nine floors of residential space. Amenities will include a Cyber Café, computer bar, lounge room with fireplace and large-screen televisions and fitness center, as well as an innovative, high-concept outdoor green roof with grills, water features, hammocks and a theater area.

Each fully furnished apartment features a 42-inch television in its living room, wood-style flooring in the common areas, an in-unit washer and dryer, high-end finishes, stainless steel appliances and cable and high-speed internet.

"We are extremely pleased to join Campus Advantage in providing the University of Tennessee student community with such a unique living experience," said Stephen Perlmutter, CEO of Pinecrest Partners. "The welcoming, sophisticated environment at The Knox, in a location that allows students to be fully integrated with the campus community, will raise the bar for student living at the University of Tennessee. This is consistent with our strategy of investing capital in the development of new, well-located student housing properties at tier one universities." 

For more than a decade, Campus Advantage has been involved with the development of more than 50 student housing projects. Leading the development efforts for Campus Advantage is Ronnie Macejewski, senior vice president of development. The general contractor is FaverGray, and the architect is Kelly Grossman.

Campus Advantage operates 45 student housing communities across 20 states.

About Campus Advantage
Campus Advantage is an Austin-based real estate firm that offers student housing management, development, acquisition, and consulting services. The company works to create winning partnerships between colleges, universities, investors, developers and owners in an effort to help students achieve their academic and personal goals. For additional information, please visit http://www.campusadv.com.

About Pinecrest Partners
Pinecrest Partners, formed in 2013, provides a focused value added investment strategy, supplying capital and expertise to create high quality purpose- built top level student housing in close proximity to tier one universities with strong demographics, throughout the U.S. Pinecrest executes its strategy through both joint ventures with highly qualified developers and operators, as well as through its own direct investment in housing developments. Pinecrest is an affiliated company of Perlmutter Investment Company, a multi-disciplined real estate investment company established in 1998. For more information, visit www.pinecrestUS.com

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