A joint venture between Capstone Development Partners and Harrison Street Real Estate Capital has closed on equity financing for an on-campus, mixed-use student housing community on the University of Chicago campus.
The project — named The Woodlawn Residential Commons — will offer approximately 1,200 beds for undergraduate students and resident staff in a variety of configurations. Units will be configured into 11 residential communities that foster close academic and social networks. The development will also include a dining commons that will be operated by the university and its dining services provider. Capstone On-Campus Management will manage the property in shared governance with the University of Chicago. The development is being designed by Elkus Manfredi Architects, and constructed by Turner Construction Co. The property is scheduled to open in fall 2020.