World-class team initiates construction on student housing project near Columbia University.
PEBB Capital – a multi-strategy, global real estate and private equity investment firm – in partnership with TriArch Real Estate Group – a full-service real estate investment and management firm – announced today the groundbreaking of 415W120, an unparalleled, 14-story student housing development in Morningside Heights. Scheduled for completion in May 2020, the 64,000-square-foot, 80-unit building is planned to be constructed on a parcel acquired in February for $20.3 million and will primarily serve students from Columbia University.
“We are thrilled to be elevating the residential experience of the student body that has been living in the neighborhood for more than 200 years, and designed the building with an eye toward maintaining the historic charm of the area,” said PEBB Capital managing principal Ian Horowitz. “We look forward to furthering our relationship with and the local universities and the Morningside Heights community in the future as we craft the identity of the property and its contribution to the fabric of the neighborhood.”
Designed by one of New York’s most highly-regarded architects, Gerner Kronick + Valcarcel, 415W120, located at 415 W. 120 [th] St., will be an off-campus student housing apartment building with studio, one-, two- and three-bedroom units, totaling 153 beds. Each stylish, fully-furnished apartment offers a designer kitchen, in-unit washer and dryer and a television in every room.
Created and designed for today’s students, the building offers diverse and high-end amenities, including a state-of-the-art fitness center; study area with breakout rooms and conference center; an outdoor terrace; bike storage; package room; security surveillance and coffee bar. A spacious rooftop deck provides widespread views of Central Park and the Hudson River.
Located directly across the street from Columbia University and the historic neighborhood of Morningside Heights, students can enjoy walkability to nearby restaurants, bars and shops, as well as convenient access to the 1, C and B subway lines. Known as an educational hub, the area is home to Jewish Theological Seminary, Teachers College, Barnard College, Manhattan School of Music, Bank Street College of Education, the Union Theological Seminary and The City College of New York. In addition, the treelined streets surrounding the development give way to nearby Riverside and Morningside Parks.
This development marks the second student housing project in New York City by PEBB Capital and TriArch. In 2017, the partnership completed the renovation of The Alabama, a 94-unit prewar apartment building located in Greenwich Village serving students of NYU, The New School and Cardozo Law, which is currently 99 percent leased.
“As Columbia University’s campus expands north, we are excited for 415W120 to serve students on the next frontier of their educational advancement,” said TriArch Real Estate Group founder Chris DeAngelis.
Since 2014, PEBB Capital has acquired over 5,500 student housing beds representing more than $300 million of transaction volume across five states.
About PEBB Capital
Founded in 2014, PEBB Capital is a diversified, multi-strategy real estate and private equity investment firm. The firm invests across the capital stack and focuses on value-oriented and cyclically-defensive investments that generate attractive risk-adjusted returns. Since its inception, the firm has amassed a portfolio exceeding $1 billion of investment value across multiple ventures, including in student housing, retail, lending, hospitality, and more. For further information, visit www.pebbcap.com.
About TriArch Real Estate Group
TriArch Real Estate Group, LLC (“TriArch”) is a full-service real estate investment company focused on the acquisition, management, construction and leasing of multifamily and mixed-use rental properties as well as private off-campus student housing in New York City. Since 2008, TriArch has more than $250 million of transactional volume and 45 properties under management in Brooklyn, Manhattan and Queens. For more information about TriArch, visit www.triarchmanage.com.