The 530 bed, campus adjacent development will feature urban style apartments comprised of studio, one-, two-, three- and four-bedroom units. The centrally located project will feature street level retail with structured parking on floors 2 through 5 and residential units on floors 6 through 19. The 20th floor will feature resident amenities including pool, fitness, and collaboration spaces, and the rooftop will feature an open air skydeck. Given the site’s proximity to downtown, Mill Avenue and the ASU campus, the project will provide a style of living that appeals to a broad range of residents who desire a centrally located and walkable lifestyle.
Equity financing has been provided by a joint venture between Trinitas and Harrison Street, a leading investment management firm exclusively focused on the Education, Healthcare and Storage Sectors. The project represents the seventeenth development for the Trinitas/Harrison Street partnership and the seventeenth joint venture. Justin Gronlie, Director and Head of Education Real Estate at Harrison Street stated, “We are excited to continue our relationship and invest in another development with Trinitas. The Arizona State area has a strong housing market which will benefit from Trinitas’ development and operational expertise, and this project is well positioned to thrive in the market.”
Construction financing has been provided by PNC Bank. “We are pleased to continue our relationships with Harrison Street and PNC,” stated Loren King, Chief Executive Officer of Trinitas. “Our strategic partnerships with both Harrison Street and PNC have been very successful in the past and enabled us to quickly close on this exciting opportunity and hit the ground running for a 2021 opening.”
About Trinitas
Trinitas is an owner, investor, developer, builder and manager of university-centric commercial real estate at major universities throughout the US, specializing in student housing, multi-family and mixed-use development. Trinitas currently owns and is developing approximately $500 mm in student housing, multi-family and mixed-use assets, with an additional $1 billion in its development pipeline. The company is headquartered in Lafayette, Indiana with office in Indianapolis and Chicago. Learn more about Trinitas at www.trinitas.ventures.
About Harrison Street Real Estate Capital, LLC
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 150-employees and approximately $22.9 billion in assets under management. Clients of the firm include a global institutional investor base domiciled in North America, Europe and Asia. For more information, please visit www.harrisonst.com.
About PNC
PNC Bank, National Association, is a member of The PNC Financial Services Group, Inc. (NYSE: PNC). PNC is one of the largest diversified financial services institutions in the United States, organized around its customers and communities for strong relationships and local delivery of retail and business banking including a full range of lending products; specialized services for corporations and government entities, including corporate banking, real estate finance and asset-based lending; wealth management and asset management. For information about PNC, visit www.pnc.com.