231-unit apartment complex near U.Va. slated to open in 2027

Work began in mid-February on Blume on Ivy, a 231-unit apartment building on Ivy Road, near the University of Virginia‘s School of Data Science.

The project is being developed by Up Campus Student Living, a Chicago-based investor, developer and manager of student housing and campus-area real estate. It’s slated to open in fall 2027.

A spokesperson for the project declined to provide the cost of building the Charlottesville apartment complex or what rent will be charged for the units.

The complex will offer fully furnished one- to four-bedroom apartments with amenities including quartz countertops, in-unit washers and dryers and flat-screen televisions. Blume on Ivy will also provide residents with more than 20,000 square feet of amenities including a golf simulator, a pool, study lounges and a rooftop entertainment deck  equipped with a jumbotron and fire pits.

“Blume on Ivy reflects our mission to create vibrant, high-quality student communities that blend modern convenience with the best aspects of student life,” Stephen Bus, managing partner of Up Campus, said in a statement.

Ohio-based Fifth Third Bank and North Carolina’s First Citizens Bank provided financing for the project, according to a news release.

Charlottesville has seen an increase in the number of renter households since 2010, growth that has “generally outpaced” the construction of new rental units, according to a U.S. Department of Housing and Urban Development report. The apartment vacancy rate in the Charlottesville market area, which includes the U.Va. campus, was 1.5% in the fourth quarter of 2022. The average apartment rent in the Charlottesville market area was $1,625 that year, the study reported.