The University of San Diego has agreed a deal for a private partner to deliver a 700-bed on-campus student housing development.
An agreement has been reached between the university and Harrison Street with The Michaels Organization to build the $230m Presidio Terrace Apartments.
Delivered through Harrison Street’s dedicated P3 strategy, the deal is the University of San Diego’s first P3 and will be situated on its campus between the academic center and a nearby retail corridor.
“Presidio Terrace is a strong example of how PPPs can help universities address critical infrastructure needs, creating a win-win situation for academic institutions, investors, and college communities,” said Jim Hennessy, head of P3 business development at Harrison Street.
“Today, we are seeing more PPP activity than ever before, as more universities recognize that these structures allow them to focus on their core academic mission while conserving capital and transferring operational responsibilities to a private partner.”
Brailsford & Dunlavey advised the university on the transaction. Read the article on the P3 Bulletin here (subscription required).