Mainstreet launches new student living arm
October 13, 2015
CARMEL, Ind. – Mainstreet®, a national real estate company known for its award-winning transitional care properties, is now expanding into student living. The new arm of Mainstreet is called Vita™ and encompasses the investment, development and management sides of student living.
“Our mission at Mainstreet continues to be transforming lives, and as a result, we look at businesses where there is great opportunity to effect change and real need for innovation,” said Zeke Turner, founder and CEO of Mainstreet. “When you look at the similarities between the health care and student living products nationwide, there is tremendous potential for us to make an impact with Vita. Our goals remain – to positively disrupt industries to improve the consumer experience, moving them from the intolerable to the desirable.”
Mainstreet’s first student living project will be a phased development partnership at Warner University in Lake Wales, Florida. The first phase of the project, which represents a $5.5 million total community investment, is scheduled to open in August 2016 and will boast 25 units, 100 beds and 35,000 square feet. A groundbreaking ceremony is set for Dec. 1 on campus.
“The traditional college dorm model is going by the wayside in favor of more unique housing options on campus. What makes Vita different is we are partnering with universities to blend dorm life and apartment life,” said Justin Farris, director of development at Vita. “This particular project at Warner will give students a blend of the academic and social cultures and environments they want, and in turn, keep them on campus longer.”
Planning has already begun on the second phase of the project at Warner. Vita is also pursuing other development and acquisition opportunities at universities around the country.
In Latin, “vita” means “life.” The Vita brand is meant to symbolize the transition of college students leaving home – the nest – and starting their own lives.