Lafayette College, Radnor Property Group & Harrison Street Real Estate Capital Announce Student Housing Partnership
Image courtesy of Atkin Olshin Schade Architects.
Radnor, PA – May 30, 2019 – Radnor Property Group announced today it has entered into a strategic public-private-partnership (“P3”) with Lafayette College and Harrison Street Real Estate Capital (Harrison Street), to introduce a new high-quality mixed-use residential housing development designed to support the college’s mission for growth.
“Through this partnership with Radnor Property Group and Harrison Street Real Estate Capital, we can bring modern housing, desirable amenities and exciting new retail establishments to a premier location on campus, all while aligning with the College’s dedication to creating affordable yet distinctive offerings that will allow continued expansion,” said Roger Demareski, Vice President of Finance and Administration at Lafayette College.
Located in Easton, PA on McCartney Street, between March and High Streets, the property will feature three-and four-bedroom suites with kitchenettes and two-bedroom semi-suites, all with in-unit private or semi-private bathrooms. Located on the top three floors of the building, the residences will have the capacity to house 165 students. The ground floor of the property will feature a student bookstore, full-service diner, retail offerings and amenities including outdoor spaces, communal lounges and study spaces.
David Yeager, Managing Partner and Founder of Radnor, said “Radnor is thrilled to advance our relationship with Lafayette with our second partnership together to address growing campus needs. Together with COCM and Harrison Street our goal is to cultivate long term relationships from ground breaking through operations with highly regarded institutions of learning like Lafayette.”
Capstone On-Campus Management (COCM) has been selected by Radnor and Harrison Street and approved by Lafayette to manage and maintain the property once it opens in the fall of 2020. COCM exclusively manages on-campus communities and currently works on 40 college and university campuses across the country, including Raleigh, N.C., Gainesville, Fla., and Austin, Texas.
Alton Irwin, Chief Marketing Officer for COCM, said, “McCartney Street Project is COCM’s second P3 student housing project with Radnor and our sixth with Harrison Street. We appreciate the trust both they and the College have placed in COCM and look forward to our mutual success in serving the Lafayette students.”
Radnor Property Group has emerged as a leader and expert in the increasingly popular P3 model of development and has established similar partnerships for buildings at higher education institutions including, Duquesne University, Drexel University, Bucknell University, and Franklin & Marshall College.
Radnor has selected Atkin Olshin Schade Architects of Philadelphia as the design architect and Wohlsen Construction Company of Lancaster as the construction manager. Construction on the McCartney Street project is anticipated to begin by the end of May. The new facility will be open for the fall 2020 semester. A video ‘virtual flyover’ can be found in a link here.
About Radnor Property Group: Radnor Property Group of Wayne, PA is a leading real estate development company which specializes in complexed urban development projects in Educational and Medical corridors, involving non-profit institutions in public-private partnerships. Over the past 10 years, Radnor has undertaken development projects involving 25 institutions of higher education, all in the Northeast. For more information, please visit www.radnorproperty.com.
About Harrison Street: Harrison Street is one of the leading investment management firm exclusively focused on alternative real assets. The firm has created a series of differentiated investment solutions focused on the Education, Healthcare and Storage sectors. Headquartered in Chicago with an office in London, the firm has more than 140 employees and approximately $18.3 billion in assets under management. Clients of the firm include a global institutional investor base from over 11 countries. For more information, please visit www.harrisonst.com.
About COCM: COCM is a company of talented student housing professionals focused on providing management and consulting services for on-campus housing communities. Their student housing professionals focus on helping their partners leverage campus housing to do greater things: recruit and retain students as well as enhance student success and satisfaction. Based in Birmingham, AL, they were recently recognized as the leading provider of on-campus, third-party management services by Student Housing Business magazine. The Lafayette partnership increases COCM’s current portfolio to reflect serving 35,601 students at 40 campuses across the United States. For more information, visit cocm.com.
Media Contact: Kerri Del Collo, Cashman & Associates, 215.627.1060 (o), [email protected]