SYRACUSE — A new student-apartment complex has opened at 404 University Ave. in Syracuse. The 75,000-square-foot #BLVD404 is located near the intersection with East Genesee Street, a few blocks north of the Syracuse University campus. The property owner, Orange Grove LLC, formally opened the structure during an event held July 27. Construction on the $20 […]
SYRACUSE — A new student-apartment complex has opened at 404 University Ave. in Syracuse.
The 75,000-square-foot #BLVD404 is located near the intersection with East Genesee Street, a few blocks north of the Syracuse University campus.
The property owner, Orange Grove LLC, formally opened the structure during an event held July 27.
Construction on the $20 million project finished in early June, says Jared Hutter, a principal in Orange Grove, LLC, which includes Syracuse University alumni.
The ownership group is “extremely happy” with the way the project turned out.
“It came in ahead of schedule … under budget,” says Hutter. “It’s no doubt the best student-housing building in Syracuse,” he boasts.
Hutter spoke with CNYBJ on Aug. 19 from his office in Englewood Cliffs, New Jersey.
The structure includes 54 apartments, which can accommodate about 163 students.
“We’re approaching the 90 percent mark on [occupancy],” Hutter says. “We effectively can lease to anybody we want; however, it was designed as a student-housing property.”
Occupants could be students at Syracuse University, Upstate Medical University, Le Moyne College, or Onondaga Community College, he says.
Charlotte, North Carolina–based Campus Evolution Villages will manage the property. It owns and manages a portfolio of 21 student housing assets across the U.S.
The rents for #BLVD404 are “comparable” with the rest of the Syracuse–area rental market, Hutter contends.
Construction effort
The principals used a construction loan from M&T Bank (NYSE: MTB) and their own assets to finance the project, according to Hutter.
The Syracuse Industrial Development Authority provided the project exemptions on the mortgage-recording tax and assistance on the sales tax for construction materials.
Syracuse basketball coach Jim Boeheim is an investor in the property, and contributed memorabilia from his coaching career into #BLVD404’s hall of fame room, says Hutter.
Hueber-Breuer Construction Co. Inc. led the construction and design team on the project.
The group also included Albany–based CHA Companies, which has an office in the Galleries of Syracuse at 441 S. Salina St. in Syracuse; Buffalo–based Lauer-Manguso & Associates Architects; and Salina–based Palucci Engineering PC, according to a July 23, 2015, Hueber-Breuer news release.
The building’s amenities include a gymnasium, a convenience store, and a study room in the basement.
“Everything’s kind of built right in there,” says Hutter.
Hatched idea as students
Hutter and business partner, Michael Edelman, had discussed the possibility of leading an on-campus construction project during their days as students at Syracuse University.
“We said we should come back and do a project here,” Hutter said in a July 30, 2015, interview during an event marking the start of construction of #BLVD404.
Hutter is a 2006 graduate of SU’s Martin J. Whitman School of Management. Edelman graduated from the Whitman School in 2005, according to his LinkedIn page.
#BLVD404 is a joint-venture development between Englewood Cliffs, New Jersey–based BLVD Equities and Rosen Property Group.
Brian Rosen, principal of the Rosen Property Group, is also a Syracuse graduate.
Rosen graduated in 2001, according to Hutter. Rosen’s brother also lived with Hutter and Edelman during their time as students, Hutter added.
Contact Reinhardt at ereinhardt@cnybj.com