Chicago and Charleston, S.C. — Harrison Street has acquired a minority interest in a five-property portfolio of on-campus communities as part of its joint venture with Greystar Real Estate Partners. The five communities total 3,833 beds and are located at Cornell University, Boise State University, Lehigh University, Mississippi University and Northern Michigan University.
The portfolio has an average age of three years and is comprised of 1,456 one-, two-, three- and four-bedroom units. Greystar will continue the day-to-day operation and management of the portfolio in collaboration with the universities’ housing departments. This investment follows the structure put in place by the firms earlier this year when Harrison Street acquired a minority interest in an on-campus portfolio at the University of Kentucky in a joint venture with Greystar.
“This transaction reflects Harrison Street’s commitment to executing public-private-partnerships in conjunction with leading universities and best in class operating partners to ensure students have access to high-quality academic, dining, fitness and social spaces that create engaging learning environments and promote safety, recruitment and retention of students of all backgrounds,” says Christopher Merrill, co-founder, chairman and chief executive officer of Chicago-based Harrison Street.
“Greystar has a rich history of supporting university partners through the development of high-quality student communities,” says Bob Faith, founder, chairman and chief executive officer of Charleston, South Carolina-based Greystar. “We are thrilled to expand our partnership with Harrison Street to include these best-in-class student housing assets at top universities across the country. Their capital resources and expertise will provide an undeniable benefit to the partnership and allow us to collectively improve the student on-campus living experience.”