PNC has teamed up with a visionary developer to deliver student housing that is affordable, comfortable and creates a sense of community that enhances the college experience.
Students at three major universities have attractive new housing options thanks to Trinitas Ventures LLC of West Lafayette, Indiana and to financing provided by PNC. Trinitas is a premier developer, owner and manager of high quality commercial real estate, specializing in student housing and mixed-use communities at leading universities throughout the United States.
The developer's innovative concept puts first-class private housing within walking distance of classrooms. Offering competitive rental rates, these projects feature student-friendly designs, including a floor plan that separates bedrooms from common areas for increased noise control and privacy. Additionally, each offers a high level of amenities including a club house, workout facility, swimming pool and business center.
The 667-bed, 1201 Indiana, mixed-use development at Indiana University-Purdue University (IUPUI) in downtown Indianapolis will help transform IUPUI into a close-knit, urban college community when it opens in August 2011. Trinitas teamed up with Harrison Street Real Estate Capital, Chicago, Illinois, to develop and manage this $100 million joint venture, which presented a unique opportunity to bring private housing on to campuses like IUPUI.
Also opening soon is The Collegiate, a four-story, student-oriented urban apartment community in Richmond, VA. It will serve Virginia Commonwealth University (VCU), one of the largest and fastest-growing universities in the state. As VCU transitions rapidly from a commuter school into a residential university, the development will help to accommodate the growing number of full-time students.
The 668-bed project known as The Village at Muller Park in Bloomington, Indiana was the first of the three developments financed by PNC. It opened in 2008 near Indiana University in a 35-acre park-like setting with dedicated conservation and recreational areas.
"Our focus is on identifying high quality student housing development opportunities and providing top quality service to our investors, clients, and residents," said Loren King, Chief Operating Officer and General Counsel of Trinitas.
With a vision like that, it's not surprising that Trinitas was named one of the top owners within the student housing industry for 2010 according to the November/December 2010 issue of Student Housing Business.