Harrison Street, Trinitas to Develop 4 Student Housing Communities

Photo by Jonah Brown via Unsplash.com

Harrison Street and Trinitas Ventures have unveiled plans to develop four Class A student housing communities, totaling 3,390 beds in Bloomington, Ind., Orlando, Fla., Madison, Wis., and Athens, Ga. The developments will cost approximately $450 million and will be managed by Trinitas.

The largest property underway, Atlas Athens in Athens, Ga., will encompass a mix of studio to four-bedroom floorplans, ranging from 444 square feet to 1,326 square feet, and totaling 1,053 beds. Community amenities will include a fitness center, clubhouse, game room, swimming pool and outdoor space. Located at 2400 Lexington Road, the property will be less than 3 miles from the University of Georgia campus and within 2 miles of Athens city center.

The second-largest development, Current at Latimer Square, will comprise five four-story buildings with studio to five-bedroom floorplans and 906 beds. Students will also have access to green spaces, a swimming pool, a fitness center, an entertainment lounge and 442 parking lots. The community is in Bloomington, Ind., and is close to Indiana University.

Both properties are slated to open in the fall of 2023.

The development plans also include:

• Current Orlando, a 750-bed community with a mix of studio to four-bedroom floorplans, study lounges, a basketball court, a swimming pool and 690 parking spaces located in Orlando, Fla., adjacent to The University of Central Florida.
• The 681-bed Atmosphere Madison, a 12-story community in Madison, Wis., next to The University of Wisconsin. Common-area amenities include a rooftop pool, business center, coffee bar and study rooms.

Strong student housing market fundamentals

All four universities targeted by these projects’ developers show strong student housing fundamentals, according to a recent Yardi Matrix report. Both the University of Georgia and the University of Wisconsin are experiencing positive enrollment growth, as well as an annual rent growth of 9.2 percent and 10.3 percent, respectively.

Indiana University and the University of Central Florida are among the top institutions for student housing inventory. IU’s Bloomington campus currently has 15 properties totaling 6,532 units and UCF has 19 properties, totaling 17,079 units, Yardi Matrix data shows.

Since 2008, Harrison Street and Trinitas Ventures have teamed up on 22 student housing developments across the U.S., totaling 16,000 beds. This summer, Trinitas has also partnered with Crawford Hoying for the second phase of The District at Clifton Heights, a $640 million mixed-use project in Cincinnati that comprises six student housing communities.