Harrison Street and Trinitas expand joint venture

Harrison Street and Trinitas expand its joint venture to develop four student accommodation communities near US universities.

The University of Georgia's (UGA) North campus. Harrison Street and Trinitas will develop Atlas Athens PBSA near to the university’s campus | PBSA News
The University of Georgia’s (UGA) North campus. Harrison Street and Trinitas will develop Atlas Athens PBSA near to the university’s campus. Image credit: Coxonian, CC0 via Wikimedia Commons.

Harrison Street, an investment management firm exclusively focused on alternative real assets, and Trinitas, an owner, investor, developer, builder and manager of commercial and residential real estate, announce plans for the development of four Class A purpose-built student accommodation (PBSA) communities near The University of Georgia (UGA), Indiana University (IU), The University of Central Florida (UCF) and The University of Wisconsin (UW). Total development costs are expected to be approximately $450m.

The four PBSA properties include: Current at Latimer Square, a 906-bed property in Bloomington, Indiana; Current Orlando, a 750-bed property in Orlando, Florida; Atmosphere Madison, a 681-bed property in Madison, Wisconsin; and Atlas Athens, a 1,053-bed property in Athens, Georgia.

Each property is near its respective university campus and offers services and amenities such as outdoor spaces, study rooms, gyms and a variety of floorplans. Once the schemes are complete, Trinitas will provide property management services for each property.

“This exciting announcement reflects Harrison Street’s commitment to identifying and developing the most attractive communities near leading higher education institutions across the country. These properties, when completed, will be among the most sought-after, premium housing options. Importantly, despite enrolments at top-tier universities like UGA, UCF, UW, and IU continuing to increase, housing supply at each of these major institutions has significantly lagged behind demand, and we are thrilled to provide residences that complement students’ academic experiences and offer value relative to existing options across campuses.

“We are also pleased to expand our longstanding partnership with Trinitas, an experienced operating partner, to bring high-quality accommodations located within easy access to these flagship universities.”

Justin Gronlie, Managing Director, Harrison Street

At IU, Current will include 906 beds with bed-bath parity ranging from studios to five bedrooms across five four-story buildings. The property’s resort-style amenities include a pool, entertainment lounge, fire pits, tanning beds, green spaces, a fitness centre and 442 parking spaces.

At UCF, the 750-bed PBSA scheme is near campus and offers a range of living spaces from studios to four bedrooms. The property will span three residential buildings and includes a pool, spa, basketball court, fitness centre, study lounges and 690 parking spaces.

At UW, the 681-bed Atmosphere is a twelve-story high rise adjacent to the academic campus. Amenities include a rooftop pool, hot tub, courtyard with grilling stations, business centre, coffee bar, yoga room, fitness centre, study rooms and 342 parking spaces.

Located in Athens, Georgia, the 1,053-bed scheme offers a suite of modern finishes and resort-style amenities. The property will consist of a variety of cottage- and flat-style layouts – ranging from studios to five bedrooms. Primarily designed to serve students at UGA, Atlas Athens will also offer multi-family units marketed to working professionals.

“Harrison Street is an excellent partner, and we are thrilled to announce a record year of project starts in four of the strongest markets in the country. 2023 should be even more robust as we grow our student housing pipeline at America’s best universities while launching our Build for Rent and multifamily division, which is focused on major MSAs with strong population and job growth.”

Loren King, CEO, Trinitas

Trinitas aims to develop high-quality communities near universities throughout the US. Harrison Street is a global owner of student housing. Harrison Street and Trinitas have partnered on 22 investments since 2008 – totalling over 16,000 beds. Since its inception, Harrison Street has invested approximately $19bn across 376 properties and over 207,000 beds in education and student housing assets at universities throughout North America and Europe. During this period, the firm has sold 185 student housing properties for a gross cost value of approximately $7.3bn.