UVM-Catamount Woods

BURLINGTON – The University of Vermont has announced its intention to partner with AAM 15 Management LLC, to build undergraduate housing on the east side of its main campus. A letter of intent was signed today by UVM and AAM 15. “Catamount Woods” will accommodate approximately 540 undergraduate students in apartments near the southern edge of Centennial Woods. UVM already leases the property to AAM 15, owners of the neighboring DoubleTree Hotel for use as a parking lot. “Building new housing is a top priority for the university,” UVM President Suresh Garimella said. “Catamount Woods will provide another attractive residential option for hundreds of our upper-level undergraduate students, offering them an opportunity to live on campus and enhancing the vibrancy of our community. UVM’s Board of Trustees approved Monday a resolution to authorize a partnership with AAM 15 for this purpose. The details of the agreement are still being finalized, but the project is expected to cost approximately $100 million. The university’s investment would represent roughly a quarter of the total project cost. “We could not be more excited by the opportunity Catamount Woods provides to add to the housing capacity on our campus,” said Ron Lumbra, chair of the UVM Board of Trustees. “Our ability to move forward with this project in a financially responsible way will yield significant benefits for UVM students and the university’s neighbors. We’re all very pleased at this outcome.” “We are excited to show the benefit of a public and private partnership to bring student housing to campus. We look forward to continuing to work with the University on this project” said David R. Masse CEO and Founder of AAM 15 Management, LLC. Barring any delays, the parties hope to begin the permitting process immediately with the goal of breaking ground in early 2024. The goal is to have the building ready for occupancy in time for the Fall 2025 semester. This project is a continuation of the university’s commitment to providing more housing for its students, faculty, and staff to help address the housing shortage in the area and the state. A housing complex for UVM graduate students and employees is already under construction in South Burlington as part of the university’s partnership with Snyder-Braverman, with initial occupancy expected in Summer 2024.

About AAM15 Managment, LLC

AAM15 Management is an independent private equity real estate investment and hotel management company, specialized in acquisitions of hotel assets in the urban and suburban core markets throughout the east coast of the United States.

For more information on AAM15 Management, LLC be sure to contact us: www.aam15.com, (781) 222-4150.
Contact: David R. Masse, Founder and CEO | Anthony Librot, COO