Amplify Development Company Acquires Student Housing Property at Clemson University, Adds to its Greek Housing Platform
Amplify Development Company, a national real estate development and investment management company with expertise in the ground-up development and value-add acquisition of student housing, multifamily and mixed-use assets, has acquired a premier Greek housing property at Clemson University. The acquisition is the firm’s fourth Greek housing-focused property.
Located at 173 Old Greenville Highway along the northern edge of the university’s campus, the Tiger House is situated on a nearly 24,000-square-foot lot with 15 private surface parking spaces and consists of three stories, multiple kitchen, dining and common areas, and 10 units that can accommodate 20-30 beds.
The property is steps from Clemson Memorial Stadium, popularly known as “Death Valley”, Littlejohn Coliseum, Fike Recreation Center, the main fitness building on Clemson’s campus, and Cooper Library, and less than a five-minute walk to downtown Clemson and College Avenue, where many of the town’s retail, dining and nightlife options are located.
“The Clemson market has demonstrated significant growth over the past 10 years, and we’re thrilled to expand our Greek Housing Investment Platform with an ideally located property at such a prestigious university,” said Alec Paddock, managing director and co-founder of Amplify Development Company. “Properties of this size and desirable location rarely become available, making it one of the most sought-after rental properties in the area.”
Amplify intends to improve the property by making cosmetic and interior renovations and has secured a multi-year master lease with an established national Greek organization and housing corporation that is in good standing with the university.
“In addition to our planned renovations, we will apply our best practices with regard to operating Greek housing assets to ensure the responsible use of the property and have engaged with several of the most well-respected Clemson-area property management companies to oversee the property,” added Paddock.
“The area north of Old Greenville Highway is considered by many to be located within the future path of growth in the city of Clemson. Our top priority is to maintain and improve the existing Greek housing use in the near term, but we also see the site as a potential redevelopment opportunity in the future, should the city of Clemson see a need for more privately-owned traditional student housing products.”
Amplify is active in the Greek housing sector with assets under management at Penn State University and Colorado State University and intends to continue to grow its investment platform at dynamic, high-growth university markets like Clemson. It also recently sold a Greek housing asset at San Diego State University.
Amplify Development Company Grows Presence in Colorado, Acquires Vista Apartments Near University of Denver
Amplify Development Company, a national real estate development and investment management company with ties to Colorado, has expanded its student housing-focused portfolio in the state, acquiring the Vista Apartments across from the University of Denver for $41.3 million. The acquisition is the firm’s third in Colorado and second near the University of Denver since 2021.
Director Jack Brett with Newmark’s Student Housing group represented the seller while Senior Director Nick Steele and Director Tyler King with Berkadia Denver represented Amplify in the transaction.
Located at 1920 S. University Blvd. in Denver, the class A off-campus student-focused apartment building primarily serves the University of Denver as well as young professionals and residents in the city’s desirable Observatory Park and Cherry Creek neighborhoods. The nine-story structure was built in 2008 and consists of 84 units with 284 total bedrooms, two levels of above-grade parking and numerous amenity offerings.
“Denver’s University Park neighborhood is a special market, and we are thrilled to continue our relationship with the university and surrounding community,” said Alec Paddock, managing director and co-founder of Amplify Development Company. “We have substantial improvements, renovations and partnerships planned for Vista that we look forward to unveiling and are confident students and residents will enjoy.”
Situated just steps from the University of Denver campus, Vista offers two-, three- and four-bedroom fully furnished apartments with private bathrooms, flat screen TVs in living rooms and floor-to-ceiling windows with unobstructed views of the DU campus, downtown Denver and the Rocky Mountains.
Amenities include a business center, study rooms, computer lab, Wi-Fi, TV lounge, 24-hour maintenance and laundry facilities on each floor. The pet-friendly property also offers two outdoor terraces, an outdoor TV lounge, fireplace, grilling stations, secured covered parking and bike parking.
To improve the resident experience, Amplify is planning a comprehensive renovation of each of the property’s 84 units this fall, including upgrading the appliances, cabinets, countertops, millwork, light fixtures and furniture, and plans to implement numerous renovations and upgrades to the property’s common areas and utility infrastructure to reduce energy use. Denver-based Capstone Management Partners will be brought on to manage the property.
“Capstone Management Partners is the best in the business. Headquartered just five miles from the University of Denver campus, they understand the DU market as well as anyone,” added Paddock. “We have had the pleasure of working with Capstone on a number of properties in our portfolio over the years and are excited to have such a top-tier management and leasing company as a part of the Vista team.”
Amplify Development Company has been active in the Colorado market since 2021, having acquired Westside House, a 21-unit, 40-bed building near Colorado State University in Fort Collins, and University Lofts, the 35-unit, 97-bed mixed-use complex with ground floor retail and subterranean parking adjacent to the University of Denver.
Amplify added a new residential studio unit, converted a portion of the vacant retail space into an entry lobby with resident amenities, leased the remaining vacant retail space and master leased the entirety of the apartment component of University Lofts to DU before selling it in October 2022.
“We see a lot of growth potential in Colorado and the broader Denver market and are eager to continue to expand our portfolio in the region for years to come,” noted Paddock, who grew up in Louisville, 30 minutes north of Denver.