Corvias Group Begins $14 Million Expansion of Randolph Pointe

April 17, 2013

2nd phase adds 120 apartments to innovative community for senior service members stationed at Fort Bragg

Fort Bragg, N.C. (April 17, 2013) –Corvias Military Living, a division of Corvias Group, a privately-owned, vertically-integrated real estate solutions group, announced today that construction has begun on Phase II of the Randolph Pointe apartment community at Fort Bragg. The success of Phase I led to Randolph Pointe being the first project of the original pilot program to expand. Phase II is expected to be completed in September 2014, adding 120 new apartments to the innovative community for senior unaccompanied service members stationed at Fort Bragg.

Randolph Pointe provides modern on-post apartments for senior service members who are either single or geographically separated from family members. Similar pilot housing initiatives have been tested at Forts Drum, Irwin, Stewart and Bliss. The Randolph Pointe community is the first of these initiatives to become an official program and expand due to Corvias’ ability to develop the project without any new government funding. Randolph Pointe’s Phase I, comprised of 312 one- and two-bedroom modern apartment homes, opened in February 2009 and is currently 98 percent occupied.

“We worked very closely with the Army throughout the planning and development phases to ensure that Randolph Pointe would provide attractive homes that encourage senior non-commissioned officers to live on post where they can serve as role models for younger service members,” said Corvias Group President and CEO John G. Picerne. “The expansion of this community is evidence of our ability to develop and finance flexible and creative living solutions that respond to our clients’ needs.”

The expansion, to be built and managed by Corvias Military Living, will add 120 new one- and two- bedroom apartments in five three-story buildings on more than eight acres of land. The Phase II apartment homes will accommodate an additional 198 bedrooms. Once complete, the Randolph Pointe community will feature 702 total bedrooms in 18 buildings.

Funding for this $14 million, zero-scored expansion project was made possible by Corvias through Bragg Communities, LLC, the public-private partnership between Fort Bragg and Corvias Military Living, as part of the U.S. Army’s Residential Communities Initiative (RCI).

“Part of what makes our public-private partnership with the Army so successful is the fact that our fee-based model limits our profit and keeps residual cash flow in our partners’ housing programs,” said Corvias Group Senior Vice President and Chief Financial Officer David Rozen. “In this case, despite sequestration and budget constraints, we were able to work closely with the Army to develop a financial solution that leveraged the success of our existing programs and required no new government funding source.”

As featured in thisvideo, Randolph Pointe’s modern on post apartments provide a quality of living for senior service members that was previously only available off post. The units range in size from 860 square feet to 1,213 square feet, feature large walk-in storage rooms, a full-size washer and dryer, private bed and bathroom suites, each with a walk-in closet and climate control; a full-size kitchen with breakfast bar and dining area, a roomy living room, modern appliances, a patio or balcony and an optional garage. Large exterior storage rooms are also included for residents to store oversized military gear.

“Every military installation should have a community like Randolph Pointe,” said Sgt. 1st Class Naida Danielson, who has lived in the community for more than two years. “I have never considered living anywhere else. I feel so fortunate to be a resident at Randolph Pointe, and I’m glad that more service members will have the opportunity to experience this as well.”

The community boasts a well-appointed clubhouse and resort-style pool, basketball and sand volleyball courts, state-of-the-art weight lifting and cardio equipment, areas for relaxation and fun, including video gaming kiosks, fully-equipped computer lounges with high-speed Internet, a lounge with widescreen television, and 24-hour maintenance and professional property management. As a direct result of resident feedback, Corvias Military Living will be adding a pantry to each Phase II apartment home, as well as bicycle racks and additional motorcycle parking spaces.

“Folks really want to live at Randolph Pointe,” said Col. Jeffrey Sanborn, garrison commander of Fort Bragg. “We have eagerly awaited the opportunity to proceed with this expansion and I have no doubt that Phase II will be every bit as successful as Phase I.”

Randolph Pointe is located within walking distance of the North Post Commissary and the U.S. Army Forces Command Headquarters. The community’s convenient location on post at Fort Bragg enables senior service members to live near their training areas and offices, and more easily mentor junior service members.

Fort Bragg is home to the U.S. Army’s Airborne and Special Operations Forces, and is the largest military installation in the world by population. Nearly 10 percent of the Army’s active-duty forces are assigned to Fort Bragg. All unaccompanied or single senior service members at Fort Bragg are eligible to live at Randolph Pointe, regardless of their military branch.

About Corvias Group

Corvias is a privately-owned, vertically-integrated real estate solutions group dedicated to building strong communities through partnerships that deliver the highest quality development, construction and management solutions to a range of clients, including the military and higher education. Applying our success as pioneers of real estate development and management for the military, the company’s two divisions, Corvias Military Living and Corvias Campus Living, deliver customer service that exceeds client expectations and an innovative, comprehensive approach to facility financing, management and construction. We have the ability to forge partnerships that consistently put the interests of our clients first and the flexibility to pursue creative, sustainable long-term solutions to their most difficult