Harrison Street Real Estate Capital - a Chicago-based private equity firm that has been a leading investor in student housing for almost a decade - is now setting its sights elsewhere.
The firm, which has over 54,000 student beds and $7.5 billion in assets under management, has previously specialized in niche markets like student housing, healthcare-related property and self-storage.
Now, it is providing most of the equity capital for a $172 million project being developed next to Texas A&M University: their partner on the project, Midway Cos., secured the 60-acre site last year.
The project, named Century Square, will include 250 rental apartments that will be marketed for about $1.60 per square foot per month, which is at the high end of the rental market in College Station. They want to target the upscale units not at students but at faculty, young professionals and employees of business that would benefit from being near campus.
The development will also include two hotels with a total of about 300 rooms; 200,000 square feet of retail space and 100,000 square feet of office space. At this point Midway has not decided what to do with the other 28 acres.
Mr. Brinsden, chief executive of Midway, said that 'our goal is that this will become the heart and soul of the community... a place to go to see and be seen'.
Image courtesy of Midway Cos, Creative Commons.