Capstone And Harrison Street To Develop Mixed Use On-Campus Student Housing Community At University Of Chicago

State of the Art Project Will Consist of 891 units and 1,300 beds; Scheduled to Open Prior to 2020 Autumn Quarter

BIRMINGHAM, AL – Capstone Development Partners, LLC (“Capstone”), one of the leading developers of on-campus housing in partnership with universities, and Harrison Street Real Estate Capital, LLC (“Harrison Street”), one of the largest real estate investment firms dedicated to the Education, Healthcare and Storage sectors, today announced they have closed on equity financing for an on-campus, mixed-use student housing and dining community on the campus of the University of Chicago (“UChicago”).

The Woodlawn Residential Commons development will be located across the Midway Plaisance from UChicago’s Rockefeller Chapel and Harper Memorial Library and will house approximately 1,200 undergraduate students and resident staff, with a variety of housing unit configurations. The development will include a dining commons that will be operated by the University and its dining services provider. Developed by Capstone in partnership with UChicago, this community will have 11 houses — residential communities that foster close academic and social networks.

Christopher Merrill, Co-Founder, President and CEO of Harrison Street, said, “Harrison Street is committed to providing students at leading institutions with high-quality on campus accommodations. We are excited to partner again with Capstone, and with the University of Chicago, a world-renowned institution – and neighbor – to support its efforts to bring this state-of-the-art and multi-use facility to campus.”

Jeff Jones, Principal of Capstone, said, “We are delighted to partner with the University of Chicago and Harrison Street on this important project. At Capstone, our strengths are creativity, collaboration and tailoring student housing communities to meet the unique needs and goals of our university partners. After a thoughtful planning and design effort, we are pleased to commence construction on this new community, which will enable UChicago to enhance and expand its exemplary residential house program, which fosters connectivity and academic success.”

“The new Woodlawn Residential Commons demonstrates the University of Chicago’s continued commitment to furthering the success of our students by developing supportive and intellectually stimulating residential communities,” said John W. Boyer, Dean of the College. “Students come to the University of Chicago for a distinct style of intellectual engagement and for a particular culture of learning, but that experience should not be confined to time in our classrooms. The Commons will offer more high-quality resources for community living as well as an environment that also is designed to foster personal and intellectual development.”

This development represents the fourth Capstone-Harrison Street on-campus housing collaboration and partnership. Woodlawn Residential Commons is being designed by Elkus Manfredi Architects and constructed by Turner Construction Company.