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Campus Crest Communities to develop $51.6M in Alabama, Maine student housing

Campus Crest Communities today said it will build two student-housing developments totaling $51.6 million at Auburn University in Alabama and the University of Maine.

The Charlotte-based developer and manager of student housing said the projects are expected to be ready for the 2012-13 academic year.

The Auburn development will have 216 units with 600 beds and be adjacent to on-campus Greek housing. Expected project costs of $26.3 million will be partially funded with a $16.3 million construction loan that CCC received from Compass Bank.

The University of Maine project will have 188 units with 620 beds and will be 0.5 miles from the school. Project costs are projected to be about $25.3 million and will be partially funded with a $15.2 million construction loan CCC has from Toronto Dominion Bank.

Both developments will feature a swimming pool, game room, fitness center and library.

CCC owns interests in 27 student-housing properties containing roughly 5,048 apartment units and 13,580 beds.

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