Inside Stanhope: John Kane’s new $80 million Student Housing Project

 

With N.C. State University students set to return to classes Aug. 19, the developers of Stanhope, the $80 million, six-story student housing complex on Hillsborough Street in Raleigh, are ahead of schedule and will begin moving in students early next week.
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Crews on Thursday were still busy touching up paint and moving in furniture, but otherwise, it’s ready and already 100 percent leased up, says John Kane, CEO of Kane Realty of Raleigh, who’s partnered with property owner Val Valentine to develop Stanhope, his first student housing building.
“This was such a primo piece of property,” Kane said, walking past several pieces of textile, digital and traditional art pieces that were commissioned from art and design students at N.C. State University. “It’s such a unique product, and I think our team has done a good job making it more unique and more special, where some of the other complexes are just providing beds and bathrooms. We’re trying to do something that’s a very different experience.”
Stanhope, located at 3001 Hillsborough St., will open with about 300 fully-furnished apartment units with enough bedrooms for 822 residents – mostly sophomore, junior and seniors from N.C. State and Meredith College. Unit prices range from studio apartments that lease for $1,115 per month to four-bedroom units that rent for $740 per person per month. All leases are with 12-month contracts.
While those rates may seem high – especially for college students – it does include all costs for utilities, including Internet and Wi-Fi services. All of the apartments are fully-furnished with elevated double beds, kitchen and living room furniture and GE appliances, including a washer and dryer.

The attached six-story parking deck allows a resident to park on the same floor as their unit, and Stanhope is within walking distance of D.H. Hill Library and many of N.C. State’s classroom buildings.
“It’s one check a month,” Kane says. “All a student really needs to bring is their linens and clothes.”

By Triangle Business Journal

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