Alternative real estate fund manager Harrison Street is expanding its presence in the Irish student housing market through a development partnership with Elkstone.
The two firms have teamed up to develop more than 1,500 purpose-built student beds in Ireland by 2028 as they embark on projects in Dublin, Limerick, Cork and Galway.
The first asset, Stoneybatter Place, is expected to complete in September. The five-storey property comprising 142 student beds is situated on Manor Street in Dublin 7.
Stoneybatter Place is funded by Activate Capital. Monami Construction is the main contractor on the project.
Harrison Street is an investor in alternative real estate sectors, including student accommodation, build-to-rent residential and life sciences. In Ireland, the company already has investments across 15 purpose-built student accommodation assets, with nearly 4,900 beds developed to date in partnership with local developers and operators.
Paul Bashir, CEO of Harrison Street’s European business, said: “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.”
Ciarán McIntyre, head of real estate at Irish investment firm Elkstone, said Harrison Street’s depth of knowledge in the sector, matched with Elkstone’s local and international experience, provides a strong platform to develop a high-quality portfolio of purpose-built student accommodation across the Irish market.
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