The St. Martin arrangement is very similar to the agreement completed in May 2018 when Duquesne transferred Brottier Hall to Radnor and Harrison Street. Radnor and Harrison Street jointly own Brottier Hall and the new agreement expands the Duquesne partnership with Radnor and Harrison Street to a second property.
The St. Martin partnership includes a planned renovation of the property for the primary benefit of Duquesne students. The project will provide an enhanced, high-quality living experience for Duquesne students living in St. Martin, beginning in fall 2021.
Duquesne's Office of Residence Life will continue to provide resident services, programming and student oversight within the building, in addition to managing room selection and assignment. The partnership will ensure that Duquesne's upper-year students will have first priority to live in the newly renovated building. Duquesne will continue to own and operate the facility through the remainder of the spring semester.
"We are thrilled to be working with Radnor and Harrison Street on another very positive development for Duquesne students," said Duquesne President Ken Gormley. "Our work together on the Brottier Hall project gave us great confidence in their excellent work and made us eager to partner again. Student feedback has been extremely positive and I expect this announcement will be met with similar enthusiasm; these first-class renovations will add more varied and high quality space for students living on campus."
The redevelopment will include major renovations to the entire property, which are expected to begin in May. When completed, St. Martin will offer enhancements including:
- suite-style units with shared integral bathrooms, kitchenettes, and a mix of single- and double-occupancy bedrooms;
- existing common area restrooms and lounge spaces will be converted into floor area lounges including five quiet study floors, three gathering floors, and five community kitchen floors;
- a remodeled ground floor entrance; and
- upgrades and replacements to the building's mechanical, electrical, plumbing, and fire protection systems.
"We could not be happier that our presence in Pittsburgh is now twice established in such a highly visible place," said David Yeager, managing partner of Radnor Property Group. "With the Brottier Hall project, we were able to complete a real showpiece for the highly attractive work we can do. St. Martin will be a great project for us to show even more of what we can accomplish with great partners."
Christopher Merrill, Harrison Street's Co-Founder, Chairman and Chief Executive Officer, said, "This project is consistent with Harrison Street's strategy of developing long-term partnerships with top-tier universities and best in class developers to enhance the student experience. We are pleased to collaborate once more with Duquesne University and Radnor to provide high-quality student accommodations and bring modernized amenities to undergraduate and graduate students at the university."
Building operations (maintenance and custodial) will be coordinated by Capstone On-Campus Management, working closely with Duquesne's Office of Residence Life, under a shared governance arrangement. Radnor will undertake development management responsibilities and, along with Harrison Street, will provide equity capital for the venture.
Duquesne constructed St. Martin Hall in 1961. The building features traditional double occupancy units that have the capacity to house approximately 536 students, historically freshmen. When completed, the newly renovated facility will accommodate 323 upper-year and graduate students. Beginning in fall 2020, freshmen will reside in Assumption Hall, St. Ann Hall, and Duquesne Towers.
About Radnor Property Group
Radnor Property Group of Wayne, PA is a leading real estate development company that 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 Real Estate Capital
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 an office in London, the firm has more than 150-employees and approximately $24.8 billion in assets under management. Clients of the firm include a global institutional investor base domiciled in North America, Europe and Asia. For more information, please visit www.harrisonst.com.
About Capstone On-Campus Management
COCM, with corporate offices in Birmingham, Alabama, is a company of talented Student Housing Professionals focused on leveraging on-campus housing to enhance recruitment and retention as well as student satisfaction and success. With the addition of St. Martin Hall, COCM's on-campus management partnerships total 40 campuses and 35,894 beds. They also offer Fresh Eyes Consulting for helping campuses with strategic housing planning. For more information, visit www.cocm.com