Partnership to Deliver 1,055 Beds for Sole On-Campus Undergraduate and Graduate Student Residential Village
Represents Sixth Harrison Street-Capstone P3 Project
DENVER and CHICAGO – November 23, 2021 – Capstone Development Partners, one of the leading developers of on-campus housing and higher ed facilities, and Harrison Street, one of the leading investment management firms exclusively focused on alternative real assets, pursuing its social infrastructure strategy, today announced the development of a mixed-use on-campus student housing Public-Private-Partnership (“P3”) project at the University of Washington Bothell.
Beginning in 2019, UW Bothell pursued a P3 to redevelop and replace its existing Husky Village student housing which is nearing the end of its useful life. Through a competitive RFP process, the Capstone-Harrison Street team was selected by the University of Washington as its partner to transform the 4.4-acre site into a new mixed-use student housing community, and new gateway entrance to the campus incorporating enhanced public transit and cycling mobility which enables a vibrant, pedestrian-oriented environment connecting this site directly to the core of campus. The new 300,000-square-foot student housing community will offer 1,055 beds across three, six-story residential buildings with traditional residence halls, suites and apartment housing serving undergraduate and graduate students. The new development will also include a 15,000-square-foot dining facility and 20,000 square feet of office space for university services and administration.
“Harrison Street is dedicated to forming P3 partnerships with leading universities to deliver critical best-in-class living facilities that attract prospective students and facilitate and enhance social and academic life on university campuses,” said Jim Hennessy, Managing Director and Head of P3 Development at Harrison Street. “We are pleased to continue our successful relationship with Capstone, a highly experienced developer and operator of purpose-built student housing specializing in on-campus P3 developments, to deliver the only student residence hall and dining facility at the University of Washington Bothell, which will support the university’s goal to create a new on-campus community and create a residential lifestyle for all students.”
“The redevelopment of Husky Village at the University of Washington Bothell is the type of project that is both challenging and exciting to our company due to its complex programming and phasing. We are bringing our depth of experience working with colleges and universities to partner with the University to help the campus achieve its objectives of providing new and affordable housing opportunities that support student success, academic experiences and connection to community”, said Chad Izmirian, Capstone’s project executive.
Construction of the project commenced in October 2021 and is being constructed in two distinct phases, with phase 1 scheduled to open February 2023, followed by phase 2 in August 2024.
The project was designed by Mahlum Architects and is being constructed by Anderson Construction. Capstone Management Partners will operate and manage the project in coordination with the University.
The Capstone and Harrison Street joint venture has previously partnered on five P3 developments including projects with Seattle University, the University of Chicago, Arizona State University Polytechnic, Cornish College of the Arts, and the University of South Florida.
Harrison Street is a market leading private investor in P3 partnerships having invested $3.6 billion in serving education, health care, and government users. The firm’s higher education P3 portfolio totals over 20 colleges and universities complimenting its off-campus portfolio at more than 174 universities.
About Harrison Street
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 offices in San Francisco, London and Toronto, the firm has more than 200-employees and approximately $39 billion in assets under management. Clients of the firm include a global institutional investor base domiciled in North America, Europe, Middle East, Asia and Latin America. Harrison Street has been awarded Best Places to Work byPensions & Investments for the last seven consecutive years and was named 2020 Global Alternatives Investor of the Year byPERE.
About Capstone Development Partners
Capstone Development Partners, LLC is a leading student housing developer in the on-campus and university-affiliated student housing market. The company has offices in Birmingham, Alabama and Denver, Colorado. Its principals, Jeff Jones and Bruce McKee, have 50 years combined experience as leaders in the higher education student housing sector specializing in the development and management of on-campus student housing through Public-Private Partnerships. Since 1997, the principals of Capstone have partnered with 70 public and private colleges and universities and delivered more than 46,000 beds of student housing nationwide.
About UW Bothell
UW Bothell’s commitment to increasing access to a UW education extends well beyond admissions. It also includes offering evening, offsite, online, hybrid and certificate programs that help make it possible for more students to pursue higher education. Known for the diversity of its student population — as measured by a variety of factors — UW Bothell has also been recognized for innovations in academic programming and support services designed to help students graduate on time and debt-free. As part of its commitment to excellence, UW Bothell places particular value on diversity and equity, community and campus engagement, and cross-disciplinary teaching and scholarship. UW Bothell is known for providing a participatory student experience grounded in hands-on learning, close relationships with faculty as researchers, teachers and mentors, and the personalized support of staff who are dedicated to student success. The campus is also distinguished by its focus on cross-disciplinary research and creative practice, connected learning and community engagement.