New 678-bed tower near University of South Carolina is nearly 100% leased for 2024-25 academic year

CRG, the national real estate development and investment firm, along with partner Landmark Properties, the nation’s largest student housing developer, today announced they have completed the sale of The Standard at Columbia, a new 17-story, 678-bed student housing tower at 1401 Assembly St. in Columbia, S.C. The buyer is CapitaLand, a real estate investment and management firm headquartered in Singapore that was a capital partner on the project and, through this transaction, has acquired the remaining interests in the asset.

The Standard at Columbia, which opened last summer, was 91.3% occupied for the 2023-24 academic year and is 98.1% pre-leased for the upcoming year. It is located on an urban-infill site in the Arsenal Hill neighborhood, steps from retail, restaurant and entertainment offerings throughout downtown Columbia as well as the University of South Carolina campus. After CRG broke ground on The Standard in 2021, despite a challenging economy, it was able to complete the project ahead of schedule and under budget.

With assets of $6.5 billion, CapitaLand’s residential investments focus on core and core-plus student housing in major university markets offering a steady stream of income. The Standard at Columbia is its 10th student housing acquisition.

“High-quality student housing continues to be a standout investment as rent growth outpaces inflation and construction costs,” said JJ Smith, executive vice president and partner, residential, at CRG. “This is a trophy asset in a phenomenal high-growth market that should yield great results for the buyer’s portfolio for years to come.”

The Standard at Columbia features 678 beds across 247 fully furnished studio to five-bedroom units. A generous amenity package includes a resort-style rooftop pool with sun shelves, jumbotron, fire pit and outdoor grilling stations; complimentary tanning beds; fitness center; multi-sport simulator; academic lounge with private study rooms and computer lab; resident clubroom; bike storage; and garage parking with EV charging stations.

Murals painted on the north and south sides of the building and in the parking garage by North Carolina artist Sharon Dowell, commissioned in partnership with One Columbia, honor the rich cultural history of the area, which was known as Columbia’s “Black Downtown” from the 1920s through mid-century, and the many Black-owned businesses that lined the streets during that time.

CRG parent company Clayco served as general contractor on the development, while Clayco subsidiary Lamar Johnson Collaborative was the architect. The team has sourced and developed more than $6 billion in residential communities and 40,000 multifamily units, including market-rate apartments, co-living residences and off-campus student housing. Among other projects, CRG will soon deliver two more student housing high-rises: Chapter Madison at the University of Wisconsin-Madison, which is 95% pre-leased, and Chapter Eugene at the University of Oregon, which is 84% pre-leased. Both projects are projected to deliver on time and on budget, opening to residents for the fall 2024-25 semester.

CRG’s partner on the project, Landmark Properties, is a fully integrated real estate firm with more than $11.8 billion in assets under management including over 100 residential communities across the country. Landmark currently has 22 student and multifamily projects under construction with an estimated value of $4.7 billion.

About CRG:
CRG is a privately owned North American real estate development and investment firm founded in 1993 with deep expertise in delivering and owning industrial, office, multifamily, student housing and mixed-use assets. The firm serves clients and investors from seven regional offices benefiting from local expertise in Chicago, St. Louis, Atlanta, Philadelphia, Phoenix, Seattle and SoCal. CRG has developed more than 12,500 acres of land and delivered over 220 million square feet of assets exceeding $14 billion in value. For more information, visit CRG’s website at www.realcrg.com.

About Clayco:
Clayco is a full-service, turnkey real estate development, master planning, architecture, engineering, and construction firm that safely and sustainably delivers the highest quality solutions to clients across North America on time, on budget, and above and beyond expectations. With $5.8 billion in revenue for 2023, 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.

About Lamar Johnson Collaborative (LJC):

Lamar Johnson Collaborative (LJC) is a full-service, integrated architecture and design firm. LJC is committed to elevating the art and science of architecture and improving design delivery through collaboration. As an integrated design practice, the firm offers architecture, interior design, urban planning, landscape architecture, sustainability, and quality assurance services through offices in Chicago, Denver, Kansas City, Los Angeles, Phoenix, and St Louis. As a subsidiary of Clayco, a national design-build construction firm, LJC utilizes a full-service approach to inform design delivery, going beyond traditional quality assurance by ensuring benefits of the design-build delivery method in projects regardless of actual delivery method.

Founded in 1999, LJC combines collective experiences to promote an inclusive culture, recognizing the true value of diversity and the synergy that it brings. For more information, visit www.theljc.com.

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