Harrison Street and Michaels form $230M PPP with University of San Diego for student housing
Type: Partnership · Technology: Hospitality · Country: United States · Value: $230M · Announced: 2026-09-15
Harrison Street Asset Management and The Michaels Organization formed a public-private partnership with the University of San Diego to develop Presidio Terrace Apartments, a $230 million, 321-unit, 700-bed on-campus student housing project. Located between USD's academic center and a retail corridor, the development is purpose-built for upperclassmen, graduate, and professional students and is expected to be completed by August 2029. The project benefits from a 99-year ground lease and a full real estate tax exemption as a university-affiliated facility. Harrison Street, which has completed 64 prior PPP transactions across higher education, healthcare, and government sectors, structured the deal to allow the university to focus on its core academic mission while transferring operational responsibilities to the private partners. This transaction marks the first completed deal through Harrison Street's dedicated PPP strategy and USD's inaugural public-private partnership agreement.
Counterparties
- University of San Diego (Partner)
- Harrison Street Asset Management (Partner)
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