Radnor, Harrison Street Pick Up Pittsburgh Student Housing
The partners acquired the 314-unit high-rise at Duquesne University for $23 million and will modernize the half-century-old community over the course of four summers.
In a $23 million deal, Radnor Property Group and Harrison Street Real Estate Capital have acquired Brottier Hall, an apartment-style campus residence hall at Duquesne University in Pittsburgh. The deal includes an agreement to modernize and renovate the property.
Brottier Hall features 314 units and has the capacity to house about 660 students in studio, one- and two-bedroom units. The dorm was built in 1969 by a private developer and was purchased by the university in 2004.
Radnor will undertake responsibility for the redevelopment of the property and, along with Harrison Street, will provide equity capital for the venture. Building operations will be managed by Capstone On-Campus Management.
The redevelopment will include major renovations completed over four summers beginning in 2018. Apartment upgrades will include new flooring and finishes; bathroom plumbing and electrical fixtures; vanities and bathtubs; kitchen cabinets, counter tops and appliances; and new windows throughout the building, among other improvements.
Duquesne’s Office of Residence Life will continue to provide resident services and programming within the building, besides managing room selection and assignment. Duquesne’s upperclass and graduate students will have first priority to live in the newly renovated building, with the terms of the existing 2017-2018 and 2018-2019 leaseholders honored.