CHARLOTTE, N.C., June 23, 2022 (GLOBE NEWSWIRE) — Responding to a nationwide shortage of student housing, Circle Squared Alternative Investments (“Circle Squared”) and SR Real Estate Partners recently broke ground on a new joint venture called Junction 49 — a trendsetting, 229-unit, 754-bed, luxury apartment community for students attending the University of Charlotte (UNCC). According to Jeff Sica, Founder and CEO of Circle Squared, the development’s initial phase is scheduled to open in the first quarter of 2024.
Currently under construction at the corner of University City Boulevard and North Tryon Street in Charlotte, Junction 49 is designed to encompass five acres, two four-story modern-designed buildings, and 301,000-square feet. When completed, the project is expected to set a new standard for competitively priced, luxury student apartment living with an emphasis on upscale amenities, safety, and convenience.
“Junction 49 checks every box for both students and their parents,” said Sica, a highly respected expert in alternative assets and regular guest on FOX Business. “For example, it’s ideally located only a mile from the UNCC campus. Best of all, the Blueline Light Transit System basically stops at our doorstep, transporting students to the center of campus, or downtown Charlotte for free.”
For Sica, who remembers all too well the crowded dorms and lack of showers of his generation, Junction 49 ushers in a new era in upscale, student apartment living. “Every student will enjoy the privacy and convenience of their own full bathroom, along with free Wi-Fi, and a washer/dryer per unit. The days of camping out in musty coin-op laundry rooms are over,” he laughed.
He added that the property will also feature a resort-style pool/lounge area, well-appointed BBQ area, dog park, plenty of parking with 637 spaces (three per unit), and a 24-hour convenience store. “As a father of three recent college graduates, it was imperative that we create a beautiful, safe and comfortable community where students can feel at home while pursuing their education.”
Before moving forward with the ambitious Junction 49 development, which will ultimately be managed by PeakCampus, Sica toured UNCC (the state’s second largest state school) and spent several days in Charlotte. “I was overwhelmingly impressed by both the university and the city,” he said. “Circle Squared has always been committed to enhancing communities with beautiful places for people to live. And now, we’re proud to participate in a project aiming to offer a wonderful environment for students to reside while receiving a world class UNCC education.”
Sica, whose company has been involved in over $1 Billion in real estate developments, believes that projects like Junction 49 are a win/win for all parties. “Private student housing ventures enable colleges to focus on their core competencies, such as expanding facilities, and hiring gifted educators,” he said. “We’re proud to play a role in addressing today’s student housing shortage in a very positive way.”
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