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CW and CMG To Redevelop Oakbridge At Virginia Tech

Blacksburg, VA – July 1st 2013 – Blacksburg based student housing developer and property management company, Campus Management Group (CMG), announced today the commencement of construction on a new student housing community adjacent to Virginia Polytechnic Institute and State University with its Joint Venture partner CampusWorks Development, a Charlotte-based student housing developer and builder. The project is designed by the Concord, NC based architect, Entasis Design.

CampusWorks and Campus Management Group is developing and constructing the 913-bed, Class A, student housing community to include 254 units.  The bedroom/bath parity product will be comprised of a mix of 2, 3 and 4 bedrooms within 9 buildings.  The apartment flats and townhomes will feature large bedrooms with walk-in closets, solid surface countertops and faux hardwood flooring.   The highly amenitized 9,000 square foot clubhouse will include a club inspired fitness center with yoga room.  Residents of the new community will enjoy a spacious student lounge with pool tables, game room, tanning beds, and an internet cafe.  The resident lounge will also be equipped with the latest technology including Skype TV’s for video conferencing with ample study areas and comfortable workstations.  The community will also include resort style outdoor amenities with a large swimming pool, water volleyball and Ping-Pong, sand volleyball court, half-court basketball and common spaces with a charming outdoor fireplace, gazebo and grilling areas with sun deck.

The redevelopment of the 15.28 acre site will include demolition of the Oakbridge Apartments, a community built in the 50’s pedestrian to campus.  The new community will be named and branded as “The Edge”.   The Edge will be situated on the Northwest corner of Webb Street and East of Toms Creek Road located directly across the street from the Virginia Tech campus.

The demolition of the existing Oakbridge Apartments will begin in July of 2013.  “We are excited to bring a next generation product to Blacksburg” added David Helfrich, President of CampusWorks.  The Edge will be the second project in recent history where CampusWorks has demolished an existing asset adjacent to campus and repositioned it with a Class A asset. The project will be phased over 24 months with the delivery of approximately 450 beds and full amenities for the 2014 school year.  The balance of the beds will be delivered for the 2015 school year.

“The CMG family is pleased to introduce The Edge, opening summer of 2014, said Jeanne Stosser, President of CMG.  This property is the Crown Jewel of our multi-family portfolio.  Its location, directly across the street from the Virginia Tech campus, is closer to the classrooms than most of the on-campus dorms.  The redevelopment of this property, and the new community we are creating, will be the first modern purpose-built student housing in Blacksburg.  Stosser, a long-time resident of Blacksburg also added, “It’s the end of an era for the late 50's village, but also a unique opportunity for downtown revitalization and in-fill density utilization at its best.”

The project is designed by the Concord, NC based architect, Entasis Design.  CW Construction, a CampusWorks Company, will be the general contractor and the property will be managed by CMG Leasing.

CMG, CampusWorks, and Entasis Design experience in student housing and alignment of interests, for property management, development, construction and design continue to focus on strategic locations in growth markets to acquire, design, develop, build and manage student housing communities.  It will be the seventeenth asset for Campus Management Group throughout the New River Valley and the second asset CampusWorks, Entasis and CMG have developed and constructed jointly at Virginia Tech.

About CMG

CMG, Campus Management Group, has successfully served the New River Valley including Blacksburg, Christiansburg, Radford, and Riner, Virginia with apartments and single family homes since 1983. The company owns and manages 16 communities totaling over 3,000 beds.  They are a member of the New River Valley Apartment Council, the Virginia Apartment Management Association, and the National Apartment Association.

As a property management company, CMG takes an active role in anticipating and recognizing the needs of all their communities as well as providing prompt on-site service for their residents. Though CMG specializes in student housing, they also provide excellent guardianship for a variety of housing throughout the New River Valley. CMG continually strives to develop and perfect itself by customizing their business and marketing plans to each community and its residents. By doing so, CMG continually attracts new residents, as well as maintains a high resident retention rate. CMG shows their commitment to excellence through the quality construction of their communities, superior customer service and management expertise.

About CampusWorks

CampusWorks is a nationally recognized developer and builder of student housing communities. Since its inception in 1999, The Charlotte based company has acquired, developed and constructed over 12,000 beds.  CampusWorks also has joint venture ownership interest in excess of 7,000 beds.  The vertically-integrated development company and a full service general contractor will deliver four projects this academic school year totaling 1,400 beds and has begun construction on an additional 1,000 beds for a 2014 delivery.  CampusWorks current pipeline exceeds $50 MM in development and construction throughout Georgia, Tennessee, Virginia, Michigan, North and South Carolina.

About Entasis Design

Entasis Design is a firm with over 60 years of combined principal architecture and development experience.

"Because we have been developers in the past, we think like developers. Often we can anticipate the needs of our clients before they do and also help them to think of their project in a broader, more effective way."
Eric Coulson, CEO

"When we become involved in a project, we look at the site, the client's needs and what is best for the development before any "architecture" begins. What is important to us is YOUR success -- let's get the project right -- then we can start on the design of the buildings."
Todd Meckley, President

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