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HARRISON STREET FORMS JV WITH GREYSTAR TO RECAPITALIZE UNIVERSITY OF KENTUCKY ON CAMPUS HOUSING PUBLIC PRIVATE PARTNERSHIP
Transaction Includes 6,850 Beds
CHICAGO –January 21, 2021 – Harrison Street, pursuing its P3 infrastructure strategy, has acquired a significant minority interest in a portfolio of on-campus housing at the University of Kentucky (“UK”) as part of a newly formed joint venture with Greystar Real Estate Partners, LLC ("Greystar"), a global leader in the investment, development and management of high-quality rental housing properties. The investment is structured under a Public-Private-Partnership (“P3”) model in which Greystar will continue the day-to-day operation and management of the project in a fully integrated collaborative arrangement with the University of Kentucky.
Comprised of 14 modern, LEED-Certified facilities across nine resident communities with an average age of five years, the investment includes 6,850 beds. The project is heavily weighted toward single occupancy units with a low bed-bath ratio, which has allowed substantially normal operations during the COVID-19 pandemic. The highly structured project is fully contracted with UK through co-terminous Ground Leases and Affiliation Agreements
Christopher Merrill, Harrison Street’s Co-Founder, Chairman and Chief Executive Officer, said, “UK launched this groundbreaking initiative in 2011, and it has since become a signature, landmark higher education P3 in the US. This P3 partnership with Greystar and the University of Kentucky, a leading flagship public institution, reflects Harrison Street’s position as the partner of choice to colleges and universities in North America. We look forward to bringing our expertise in providing strategic capital to bear to ensure UK’s students have access to high-quality living arrangements that facilitate their academic experience on campus.”
Bob Faith, Greystar Founder, Chairman and Chief Executive Officer, said, “In 2011, Greystar (formerly Education Realty Trust) and the University of Kentucky embarked upon a historic multi-phased P3 partnership to replace dated on-campus student residences and dining halls. Following a successful decade in partnership, we are pleased to welcome Harrison Street to one of the premier P3 partnerships in the nation, as their capital resources and expertise will provide an undeniable benefit to the partnership and allow us to collectively further improve the student on-campus living experience.”
Harrison Street is a market leading private investor in the off-campus student housing market. In addition, it has invested $2.6 billion in public to private partnerships (“P3”) serving education, healthcare, and government users. The firm’s higher education P3 portfolio totals 14 colleges and universities and over $2.0 billion in AUM complimenting its off-campus portfolio at over 150 universities.
About Harrison Street
Harrison Street is one of the leading investment management firms exclusively focused on alternative real assets. Since inception in 2005, the firm has created a series of differentiated investment solutions focused on demographic-driven, needs-based assets. The firm has invested across senior housing, student housing, healthcare delivery, life sciences and storage real estate as well as social and utility infrastructure. Headquartered in Chicago with an office in London, the firm has more than 190-employees and approximately $32 billion in assets under management. Clients of the firm include a global institutional investor base domiciled in North America, Europe, Middle East, Asia and Latin America. Harrison Street has been awarded Best Places to Work by Pensions & Investments for the last seven consecutive years and was named 2019 North American Alternatives Investor of the Year by PERE. For more information, please visit www.harrisonst.com.
Greystar is a leading, fully integrated real estate company offering expertise in investment management, development, and management of rental housing properties globally. Headquartered in Charleston, South Carolina, Greystar manages and operates over an estimated $200 billion+ of real estate in nearly 200 markets globally including offices throughout the United States, United Kingdom, Europe, Latin America, and the Asia-Pacific region. Greystar is the largest operator of apartments in the United States, managing approximately 713,000 units/beds, and has a robust institutional investment management platform with approximately $37.2 billion of assets under management, including over $16 billion of assets under development. Greystar was founded by Bob Faith in 1993 with the intent to become a provider of world-class service in the rental residential real estate business. To learn more, visit www.greystar.com.
For Harrison Street:
Nathaniel Garnick/Grace Cartwright
Gasthalter & Co.