Subtext has broken ground on VERVE II, a 143-unit, 449-bed student housing community in West Lafayette, Ind. Partners on the project include ESG Architecture and Design, along with Brinkmann Constructors as general contractor. Completion is expected in August 2025.
This marks the developer’s second student property to serve Purdue University; the first one, a 751-bed community, came online earlier this year and will open for leasing next fall. The two assets are within walking distance of each other.
Upon delivery, the 245,700-square-foot community will encompass studio and one- to four-bedroom floorplans. Common-area amenities are set to include a coffee bar, club room, study room, fitness center, swimming pool and spa, along with a pet grooming area and 156 parking spaces.
The eight-story building is taking shape on 1.4 acres at 143 W. Wood St. in downtown Lafayette, close to the university campus. Chauncey Hill Mall is within walking distance, while Ross-Ade Stadium is 1 mile away. Purdue University Airport is some 3 miles southwest.
Purdue sees year-over-year growth
According to a recently published student housing national report from Yardi Matrix, Purdue University has seen a double-digit rent growth year-to-date through September. This year, the university’s total enrollment amounted to 52,211 students, up 260 basis points from last year’s 50,884 students.
Earlier this year, Purdue announced a $149 million, 896-bed residence hall project. Construction will begin in March 2024, with completion expected in June 2026.
