CRG Breaks Ground on 678-Bed Student Housing Development Near the University of South Carolina
The firm partners with Landmark Properties to deliver The Standard, a 17-story tower in downtown Columbia
COLUMBIA, SC – CRG, the real estate development and investment arm of Chicago-based Clayco, and Landmark Properties, the nation’s largest private developer and operator of student housing, announced today the start of construction on The Standard at Columbia, a 17-story student housing tower in Columbia, South Carolina. The urban-infill, pedestrian-oriented property is located on the corner of Washington and Assembly Streets in downtown Columbia, just blocks from the University of South Carolina.
When complete in fall 2023, The Standard will include 247 fully-furnished units and 678 beds with an amenity package that boasts a podium-level rooftop pool, hot tub, grilling stations, jumbotron television, resort-equipped fitness and wellness center, golf simulator, game-day lounge and ample group and private study lounge space.
“After many years of competing with Landmark for the best sites in the best university towns, it was fun to be able to put together a synergistic partnership that brings our two teams together to create a signature property for the students in Columbia,” said J.J. Smith, managing partner of CRG. “The Standard will create an unmatched experience for students in downtown Columbia.”
The Standard at Columbia will offer a mix of studio, one-, two-, three-, four- and five-bedroom apartments across nearly 443,000 square feet. Pre-leasing will commence in the fall of 2022. The project will be the only new high-rise in the market, delivering conveniences of being downtown near retail, restaurants and the city’s nightlife while maintaining “roll out of bed” access to campus, Smith said.
“We’re excited to partner with CRG on bringing this premier student living experience to residents in Columbia,” said Wes Rogers, Landmark Properties president and CEO. “There is strong demand for quality living options in the downtown submarket, and this project brings unsurpassed amenities to serve students at the University of South Carolina.”
Construction financing for the project was provided by Citizens. CRG’s integrated partner Lamar Johnson Collaborative designed the project, while parent company Clayco will lead construction.
“This project highlights the strength of our vertically integrated platform,” said Bethany Crispin, senior vice president and leader for Clayco’s residential business unit. “With J.J.’s team and our partners at LJC, we are able react quickly to develop, design and build some of the premier multifamily and student housing projects in the country. We’re excited to deliver this building for the community, and we will continue to identify additional opportunities here.”
CRG’s residential group has expertise and established relationships across 100 markets, 40 states and seven countries. The team has sourced and developed more than $6 billion in residential communities and 40,000 units across multifamily, co-living, senior and student housing. In addition to the firm’s infill student housing at Tier 1, Power 5 universities, in 2020, the firm launched a $1 billion development strategy, with a heavy focus on essential housing communities in the Sun Belt region, specifically designed for the work-from-home segment.
The firm is opening the first of two essential housing projects in Sun Belt markets this month, including Lakeview Green, a 118 unit, mixed-use development in Birmingham, Alabama, and Broadway Chapter, a 242 unit multifamily project in Fort Worth, Texas. CRG has an active multifamily pipeline of projects across growing states like Arizona, Georgia, North Carolina, Tennessee and Texas as well as student housing across major universities nationwide.
CRG is a privately held real estate development firm that has developed more than 9,000 acres of land and delivered over 200 million square feet of commercial, industrial, institutional and multifamily assets exceeding $12 billion in value. CRG leverages a powerful North American platform with local market expertise and offices in Chicago, St. Louis, Seattle, Southern California, Phoenix, Atlanta and Philadelphia. CRG’s philosophy of developing for the future and anticipating the enhanced needs of next generation users led to the creation of its industrial brand, The Cubes, and its multifamily brand, Chapter. For more information, visit CRG’s website at www.realcrg.com.
About Landmark Properties:
Ranked as the nation’s most active student housing developer and top student housing contractor, Landmark Properties is a vertically integrated developer and owner-operator with over 1,040 employees and $7.3 billion of assets under management. Landmark’s current portfolio includes more than 75 student housing properties across the country and over 46,800 beds, including over $3.3 billion in assets currently under construction. For additional information, visit www.landmarkproperties.com.
LJC is a full-service design and architecture firm committed to enhancing the quality of the human experience and to improving how design and architecture can impact each individual’s emotional being. By harnessing the power of integrated design, including architecture, workplace strategy, interior design, landscape architecture, urban planning and engineering, the company achieves its clients’ goals and aspirations. For more information, please visit www.theljc.com.
Clayco is a full-service, turnkey real estate development, master planning, architecture, engineering, and construction firm that safely delivers clients across North America the highest quality solutions on time, on budget, and above and beyond expectations. With $3.8 billion in revenue for 2020, Clayco specializes in the “art and science of building,” providing fast track, efficient solutions for industrial, commercial, institutional and residential related building projects. For more information visit www.claycorp.com.