Chicago-based Harrison Street Real Estate Capital has cut a deal to provide most of the equity capital in a $172 million project being developed next to Texas A&M University that’s slated to include rental apartments, two hotels and retail and office space. Harrison’s partner on the project, Houston-based Midway Cos., broke ground on the 60-acre site late last year.
Harrison, a 10-year old firm with $7.5 billion in assets under management, specializes in niche markets like student housing, healthcare-related property and self-storage. It has developed or acquired over 54,000 student housing beds.
In the past, Harrison’s residential projects have targeted conventional students attending colleges and universities. The project in College Station, Texas is different because it’s not including conventional student housing. Rather it’s targeting the wide range of businesses, retailers, and others that want to be located near a big campus.
“There are a lot of other ways to invest and make money in university towns,” said Christopher Merrill, chief executive of Harrison Street. “We hope that we can replicate this at other universities.”
Read More >