Trinitas Ventures and Harrison Street Real Estate Capital Form $100 Million Student Housing Venture
Chicago, IL (November 1, 2010)— Trinitas Ventures LLC, a leading developer and operator of student housing, and Chicago-based real estate private equity firm Harrison Street Real Estate Capital (HSRE) have formed a $100 million joint venture partnership to develop and manage urban-infill student housing communities throughout the country.
The joint venture is positioned to capitalize on the development of infill student housing development opportunities proximate to large state universities across the country. Demonstrating that opportunity, the joint venture, recently closed on two student housing properties, one existing property and another currently under development. The purchase price totaled approximately $69 million.
“We seek well-located high-barrier-to-entry locations close to large colleges and universities,” said Loren King, Chief Operating Officer of Trinitas. “These types of sites are usually difficult to acquire, entitle, and develop—we specialize in difficult. We customize each project to the site and the market, which results in a well-positioned, highly desired property and significant value creation for Trinitas and our partners.”
The joint venture acquired the award-winning The Village at Muller Park, a Class A, 668-bed, purpose-built student housing property located in Bloomington, IN, serving students attending Indiana University. The property was developed and built by Trinitas and its affiliates and opened in Fall 2008. The Village at Muller Park provides 668 beds through a mix of townhouse and conventional flat styled apartments. The property’s award-winning clubhouse boasts a fitness center, resident business center, study rooms, micro spa, recreation room and gaming center, and a pool and sundeck.
The joint venture also acquired 1201 Indiana, a Class A, 667-bed, purpose-built student housing project scheduled to open in August 2011. This investment represents the first infill development for the Trinitas/Harrison Street Real Estate Capital partnership and the first investment for the recently launched Harrison Street Real Estate Partners Fund III. The property is being developed and built by affiliates of Trinitas.
Trinitas/Harrison Street Joint Venture
Located in Indianapolis, Indiana, 1201 Indiana will serve the students attending Indiana University–Purdue University Indianapolis (“IUPUI”). When completed, 1201 Indiana will provide 667 beds and approximately 7,000 square feet of commercial space. The property is fully amenitized and will include a clubhouse with a fitness center, recreation and game room, pool and sundeck, micro spa, second floor patio deck and lounge area, and fifth floor roof-top deck and patio overlooking downtown Indianapolis.
Additional development projects are anticipated and could be completed for Fall 2012 opening.
“We continue to be active in the student housing space and feel that the partnership with Trinitas provides an excellent complement to our current student housing portfolio and further diversifies our partner base,” said Brian Thompson, Vice President of Harrison Street Real Estate Capital. “We look forward to a long, successful relationship with the Trinitas team. Their organization is poised for growth and their team has all of the qualities we are looking for in long-term partners.”
About Harrison Street Real Estate Capital, LLC
Harrison Street Real Estate Capital, LLC, is a real estate private equity firm founded in 2005. The firm, on behalf of Harrison Street Real Estate Partners I, II and III, currently owns approximately $2.1 billion in real estate assets which includes over 15,800 student housing beds, 4,400 senior housing / assisted living units, over 61,700 self-storage units, 2,850 dry & wet boat storage and 920,000 square feet of medical office space. For more information on Harrison Street Real Estate Capital please visit www.harrisonst.com
About Trinitas Ventures LLC
Trinitas Ventures is a premier developer, owner and manager of high quality commercial real estate, specializing in student housing and mixed-use communities at high quality universities throughout the United States. Trinitas is a fully integrated real estate firm with expertise in market analysis and identification; site selection and acquisition; property acquisition and due diligence; project planning, design, and financing; and development, construction, property management, and leasing. The privately held real estate development company is headquartered in West Lafayette, Indiana. Learn more about Trinitas at www.trinitas-ventures.com.