Developer starts work on 227-bed University of Chapel Hill student housing project

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Google Street View image of the first phase of The Warehouse in Chapel Hill

The Priess Company (TPCO) says it has started construction on the second phase of The Warehouse, a 227-bed development at the University of Chapel Hill.

The project is one of $1.04 billion in student housing transactions during 2021, the company says. The transactions include seven acquisitions, two third-party management agreements and two recapitalizations.

The Warehouse has been targeted for completion in 2023.

“Our development pipeline remains full, and we hope to make additional new development announcements in the coming weeks,” Susan Folckemer, chief acquisition and development officer, TPCO, said in a Jan. 3 statement. “We believe our two-pronged approach of acquisitions and development provides the best road map to meet our target growth goals.”

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