Investment management firm Harrison Street has partnered with Irish investment house Elkstone to develop over 1,500 purpose-built student beds in Ireland.
The first of the developments will be Stoneybatter Place on Manor Street in Dublin 7. From September, the five-storey property will offer 142 student beds, in addition to a large common area, laundry facilities, gym and two roof gardens.
It is close to Technological University Dublin, and a short distance from Trinity College, the Law Library and Kings Inn.
Besides Dublin, the partnership will deliver student beds in Limerick, Cork and Galway by 2028.
Ciarán McIntyre, head of real Estate at Elkstone, said: ‘We are excited to embark on this new journey with Harrison Street. The firm’s depth of knowledge in this sector, matched with our own local and international experience, provides a strong platform to develop a high-quality portfolio of purpose-built student accommodation (PBSA) across the Irish market. We look forward to delivering much needed accommodation to a number of locations and providing a first-class student experience.’
Paul Bashir, CEO of Harrison Street’s European business, added: ‘Today’s announcement reflects our ongoing commitment to expand our presence in the Irish student housing market, which continues to demonstrate a tremendous need for high-quality student accommodations. 80% of Dublin’s student population does not have access to purpose-built student housing options, and through our ongoing partnership with Elkstone we look forward to closing that gap by bringing premium student housing options to the market.’
Stoneybatter Place is funded by Activate Capital, Monami Construction is the main contractor, while Mezzino will operate the asset.
Elkstone and Harrison Street aim to address the significant shortage of modern student accommodation in Ireland’s main cities by offering more choice and attracting more international students.
The partnership will adhere to the highest ESG standards in both construction and operations.
Projects will be assessed under Fitwel, GRESB and BREEAM criteria, with Stoneybatter Place targeting a BREEAM “Very Good” certification and three-star rating from Fitwel.
Harrison Street’s investments in alternative real estate in Ireland include 15 PBSA assets with nearly 4,900 beds developed in partnership with experienced local developers and operators.