Dartmouth College and a New Jersey company are building an $84 million graduate student apartment complex in Lebanon, N.H.
The college says in a news release that it will retain ownership of the land and lease it for 98 years to Michaels Student Living, of Camden, N.J. which will operate the complex. It is set to open in August 2022.
The location, just just south of Dartmouth-Hitchcock Medical Center, is 3 miles from Dartmouth's campus in Hanover, N.H.
"This is an exciting project for our graduate student community, and it is sure to help relieve the region's housing crunch," says Josh Keniston, vice president of campus services and institutional projects.
The plans call for 309 apartments to be built in four buildings to house Dartmouth graduate and professional school students. The residences, a mix of one-, two-, three-, and four-bedroom apartments, will have per-bedroom rents of $1,000 to $1,400 a month, including most utilities and WiFi.
The apartments are to house at least 500 people and may accommodate as many as 638 residents. One or more graduate or professional school students could live in a residence or it could be home to a student and their family members. Graduate and professional students will have priority in renting the units. Unrented units would be offered to Dartmouth faculty and staff, and then to Dartmouth-Hitchcock employees and the general public.
Dartmouth, which has about 2,000 graduate and professional students, owns student housing at Sachem Village, off Route 10 in Lebanon, which has 255 units and a total of 527 beds. The institution also has graduate housing on North Park Street in Hanover.
