Proximity at ODU Student Housing1037 W 39th St, Norfolk, VA 23508, USA
Proximity at ODU, is a purpose-built student housing community serving Old Dominion University in Norfolk, Virginia. The property is located within a five-minute walk to the center of the University’s campus and adjacent to the new 126,387 SF health sciences building that is currently under construction and projected to deliver by the summer of 2023. Saxum acquired this 307-unit, 909-bed community in partnership with an institutional-scale family office. The acquisition represents the fourth student housing deal acquired by Saxum, resulting in approximately 3,300 beds across the country.
The property was acquired at a discount to recent sales in the Norfolk, VA market and represents the only purpose-built student housing property at the university, making it the premier option for students. Saxum will implement a full rebranding strategy at the property to build an energetic student-focused atmosphere while bolstering the relationship with the university and community at large. Saxum will also focus on optimizing top line revenue and growing ancillary income along with enhancing operating efficiencies.