Stephen Klee says hurricanes Katrina and Rita may have caused a rental crunch in Lafayette, but it’s not the storms that led him here. A couple of months before the hurricanes, Klee’s Atlanta-based company, The Medallion Group, identified Lafayette’s student housing market as underserved.
In mid-May, the company will begin construction on Campus Edge Apartments, a student-housing complex near the intersection of North Bertrand Drive and Eraste Landry Road. The Medallion Group has the 10.3-acre tract under contract, with the total project cost — including land — estimated at $18 million.
Several aspects of the 168-apartment development will set apart Campus Edge from University House at Lafayette, its only privately owned competitor just down the street on Bertrand. “Each [Campus Edge] bedroom has its own bath. The Lafayette market is really lacking in that type of product,” says Klee, noting that student-housing surveys list this as a No. 1 priority. Campus Edge will offer two, three and four-bedroom units.
Klee will also compete with UL Lafayette’s 2-year-old Legacy Park, which has 215 apartments with one, two or three bedrooms. While each Legacy Park bedroom does have its own bath, Klee maintains the rooms are smaller and only offer twin beds. “We’ll be providing full-size beds in our units,” he says.
Campus Edge’s rents, which include utilities like cable, Internet, water and electricity, will start at $439 per bedroom for a four-bedroom unit — the most efficiently priced. The clubhouse and a temporary sales office will open next spring, with all units ready by fall 2007.
Other complimentary amenities at the complex include a swimming pool and fitness center, computer lab, an Internet café, movie theater, tanning beds, a carwash and a free shuttle service to campus.