Opus Group® Announces Collaboration with Harrison Street to Build 3 New Student Housing Projects
Aug 14, 2013
MINNEAPOLIS, Minn. - The Opus Group announced today plans to develop and construct three residential apartment complexes near university campuses in Madison, Wis., Milwaukee and Minneapolis. Opus will collaborate with Harrison Street Real Estate Capital LLC, a Chicago-based real estate investment management firm, to deliver these projects.
“We are thrilled to be working with Harrison Street on these three projects,” said Dave Menke, executive vice president of Opus Development Company, L.L.C. “These developments will be ‘best-in-class’ in their respective markets and offer residents high-quality amenities and a great living environment with close proximity to campus.”
The Madison student housing project, Varsity Quarters, will be a located directly adjacent to the University of Wisconsin – Madison campus and will total six stories with 162 beds. Approximately 7,000 square feet of retail space will be available on the ground level.
“These infill, pedestrian-type investments are a key component to our broader student housing strategy,” said Brian Thompson, senior vice president at Harrison Street. “Opus has a strong record of delivering quality buildings on time and on budget driven by their design-build approach.”
IVY on Fourteenth, the Milwaukee student housing complex, will be conveniently located directly adjacent to the Marquette University campus. The six-story mixed-use development will have 165 beds and approximately 7,000 square feet of ground floor retail. The Milwaukee office of Opus will manage the development and construction of both projects in Wisconsin.
The Minneapolis student housing project will bring additional living and retail options near the University of Minnesota campus. The six-story, 247-bed development will include 9,500 square feet of ground floor retail space. The complex also will include underground parking and high-quality amenities for its residents.
Construction is scheduled to begin on all three projects this month with completion slated in August 2014 prior to the start of fall semesters.
Opus Development Company, L.L.C. will be the developer and Opus Design Build, L.L.C. will be the contractor for all three projects. Eppstein Uhen Architects is the architect for the Madison project, Korb Tredo Architects will design the Milwaukee project, and Opus AE Group in partnership with Minneapolis-based Elness Swenson Graham Architects Inc., will design the Minneapolis project.
About The Opus Group
The Opus Group® is a family of national commercial real estate companies headquartered in Minneapolis, with expertise in development, project management and construction, architecture and engineering, finance, sales and leasing. The Opus Group includes Opus Holding, L.L.C. and its operating subsidiaries; Opus Development Company, L.L.C., Opus Design Build, L.L.C. and Opus AE Group, L.L.C. Specializing in office, industrial, retail, residential living, institutional and government projects, The Opus Group has broad capabilities, deep experience and a proven design-build model that delivers solutions for customers on time and on budget. For more information, visit www.opus-group.com.
About Harrison Street Real Estate Capital, LLC
Harrison Street Real Estate Capital is a Chicago-based real estate private equity firm that was founded in 2005 and currently has more than $5.0 billion in assets under management through private equity funds and public securities products. The firm, on behalf of Harrison Street Real Estate Partners I, II, III, IV and the Core Property Fund, currently owns approximately $4.5 billion in real estate assets, including approximately 28,000 student housing beds, more than 7,000 senior housing/assisted living units, in excess of 1.6 million square feet of medical office space, more than 68,000 self-storage units, and more than 4,100 dry and wet boat storage slips.
SOURCE The Opus Group