Gilbane Development Company broke ground on Pique, a new purpose-built student housing development located at 2587 Telegraph Ave in Berkeley, CA, four blocks from the University of California Berkeley.

Pique will transform the former Buffalo Exchange store into an eight-story residential building offering 52 units and 485 beds of purpose-built student housing. Scheduled for completion in summer 2026, the project includes 2,900 square feet of ground-floor retail space.

“We are focused on making every inch count with efficiency, privacy, and functionality at the core of the design, driving innovation that caters to the needs of Berkeley students at an affordable price point,” said Christian Cerria, development director at Gilbane Development Company. “Pique is the first student housing project in our portfolio to offer 100% of the units with balconies, bedroom/bathroom parity, bed/vanity parity, and split bathrooms that create an environment promoting privacy and mental well-being.”

Providence-based Gilbane Development Company formed a strategic partnership with CBRE Investment Management (CBREIM) involving six purpose-built student housing properties across the country. The transaction included recapitalization of three operational communities through a GP-led secondary and three shovel-ready development projects, marking the beginning of a joint venture partnership.

The initial six communities will encompass nearly 3,000 beds. They span six Power 4 schools, with three operating communities at Clemson University, University of Illinois and Syracuse University, along with three developments at the University of Central Florida, University of California, Berkeley and University of Florida.

“This collaboration aligns with our mission to develop dynamic communities that cater to the needs of students, universities, and the surrounding communities,” said Russell Broderick, EVP, Gilbane Development.

Added Matt Tepper, head of Americas Indirect Real Estate Strategies at CBREIM, “Student housing is a target sector for us and being able to partner with Gilbane and benefit from a high-quality existing portfolio along with leveraging their extensive development capability will allow us to build something special.”

TSB Capital Advisors arranged financing and consulted on the JV partnership.

Pictured: The Laurel at Syracuse University.