PeakMade Real Estate and Blue Vista Capital Management, in partnership with W5 Group, have officially commenced construction on Theory Ithaca, a new residential development near Cornell University in Ithaca, New York. The project aims to provide much-needed housing for graduate students, university affiliates, and the broader Ithaca community.

The development marks the continued expansion of Peak and Blue Vista’s Theory-branded housing portfolio, which focuses on university markets across the U.S.

Project Details and Amenities

Once completed, Theory Ithaca will feature 371 residential units with a total of 518 beds, offering a mix of studio, one-, two-, and three-bedroom apartments. The project will also include 239 parking spaces for residents.

In addition to housing, the development will offer modern amenities, including:

• Rooftop terraces with scenic views
• State-of-the-art study lounges for academic use
• A full-service fitness center
• Direct access to Six Mile Creek, integrating nature with residential living

The project is scheduled to open in 2027, just in time for the academic year.

Meeting Housing Demand in Ithaca

Cornell University has experienced increasing demand for graduate student housing, with limited options available in the area.

Jeff Githens, president of development at PeakMade Real Estate, highlighted this challenge:

“The Cornell University market is one of the most undersupplied student apartment markets in the country, especially for graduate students. Theory Ithaca plans to serve this unmet demand with an exceptional project in an irreplaceable location in between Cornell’s campus and downtown Ithaca.”

A New Standard for Student Housing

The project aligns with W5 Group’s broader Innovative Living strategy, which focuses on high-quality, community-driven residential developments in key university locations.

Ralph Winter, founder and principal of W5 Group, emphasized the significance of the project:

“Theory Ithaca is a continuation of our Innovative Living strategy, delivering a thoughtfully designed, community-oriented, highly amenitized living experience in the Cornell University market.
Cornell is one of the world’s most prestigious universities, with an $11 billion endowment and a rapidly growing student population. In partnership with Blue Vista and PeakMade, we are excited to deliver a new state-of-the-art apartment community for the next generation of Cornellians, setting a new standard for residential innovation in the Ivy League.”

Financing and Development Partners

Real estate investment firm Kennedy Wilson has provided the construction financing for Theory Ithaca. The project adds to PeakMade Real Estate and Blue Vista Capital Management’s portfolio of student-focused residential developments in competitive university markets.

As the construction progresses, Theory Ithaca is set to bring a modern and convenient housing option to the Cornell community while reinforcing the growing trend of private investment in student housing across the country.

Originally reported by World Construction Network.