Tempe and Glendale, Ariz. — Harrison Street has acquired a 45 percent interest in American Campus Communities’ (ACC) eight-property on-campus student housing portfolio at Arizona State University (ASU) through a joint venture partnership.
The portfolio includes 8,187 beds across seven buildings at ASU Tempe and one building at ASU’s West Campus in Glendale. The facilities feature amenities including retail space, cafés, fitness centers, dining halls, academic halls and outdoor recreation spaces.
The communities include first-year residence halls, honors college housing, Greek housing and upper division apartment-style housing. ACC will continue to manage day-to-day operations at the communities in collaboration with ASU under the terms of the existing P3 (public-private partnership) contracts.
“Harrison Street is thrilled to launch our joint venture with ACC, a world-class student housing owner and developer with exceptional management practices, to support learning environments that facilitate students’ academic and social lives, as well as their overall health and well-being,” says Christopher Merrill, co-founder, CEO and chairman of Harrison Street.
“Harrison Street is committed to delivering strategic capital that ensures students have access to top-tier living options where they study, and we look forward to building on our P3 expertise to continue to offer exceptional and diverse spaces that attract and retain a broad range of students,” he continues.