$230 Million Public-Private Partnership Development Is Anticipated to Bring 321 Apartments to Campus
CAMDEN, NJ / September 16, 2026 / The Michaels Organization, a national leader in residential real estate, and Harrison Street Asset Management (“Harrison Street”), a leading alternative global investment management firm with $110 billion in assets under management, announced the successful financial closing on a public-private partnership (“PPP”) agreement for Presidio Terrace Apartments at the University of San Diego (USD). Located on campus, the $230 million student living development is anticipated to bring 700 new beds across 321 apartments, specifically designed for undergraduate, graduate and law school students.
“We are grateful to the University of San Diego for their vision and partnership in expanding high-quality student housing on their campus,” said Michaels’ Executive Vice President Raoul Amescua, who is serving as the lead developer.
“Harrison Street is a leader in student housing, and Michaels has had a strong and productive relationship with them for years,” said Michael Flanagan, Michaels’ chief investment officer. “We are thrilled to have another opportunity to partner with them, especially on such an exciting project as Presidio Terrace Apartments.”
“Presidio Terrace is a strong example of how PPPs can help universities address critical infrastructure needs, creating a win-win situation for academic institutions, investors, and college communities,” said Jim Hennessy, head of PPP Business Development at Harrison Street. “We are pleased to partner with the University of San Diego and Michaels to deliver high-quality housing tailored to the specific needs of the University’s students.”
The transformative project is designed to honor the university’s historic 16th-century Spanish style architecture, creating a new gateway to the campus that bridges the natural beauty of the site. Featuring nine interconnected mid-rise buildings, along with extensive outdoor courtyards, the project’s design includes a scenic pedestrian bridge that will connect student residents directly to the center of campus.
Apartments are expected to be available in a range of layouts upon completion, from studios to four bedrooms, all with full kitchens. Planned amenities include an indoor/outdoor fitness center, extensive lounge and study spaces, a juice bar, grab-and-go food space, rooftop decks overlooking Mission Bay, and an outdoor media wall.
Michaels has been a leader in student living development since 2010, and is known for its high quality, sustainable student housing both on- and off-campus. Harrison Street is one of the largest owners of on-campus housing nationally and a leader in providing PPP solutions to the higher education, healthcare and government sectors, having invested across 64 PPPs assets to date, with more than $6 billion in PPP assets under management.
The development team for the USD development includes other industry leaders, including Carrier Johnson + CULTURE, which is providing design and architectural expertise, and CBG Building Company, which is the general contractor. Other members of the team include McCullough Landscape Architects, and Rick Engineering. Michaels will provide asset and property management. KeyBank is providing construction financing for the development.
The development is expected to be completed in time for student move-ins in August 2029.
About The Michaels Organization
Michaels is a national leader in residential real estate, offering full-service capabilities in development, property and asset management, construction, and investment. Serving more than 200,000 residents in almost 600 communities across 39 states, the District of Columbia, and the U.S. Virgin Islands, Michaels is committed to crafting housing solutions that jumpstart education, civic engagement and neighborhood prosperity, and to creating Communities that Lift Lives.
About Harrison Street Asset Management
Harrison Street Asset Management is a leading global alternative investment management firm with $110 billion in assets under management across real estate, infrastructure, and credit strategies. Headquartered in Chicago, Toronto, and London with over 600 employees in offices across North America, Europe, Asia and the Middle East, the firm offers innovative solutions across a variety of closed-end, open-end and specialized vehicles on behalf of over 1,100 institutional investors and over 300 Registered Investment Advisors.1
1 HSAM data and descriptions of HSAM’s business are generally comprised of the aggregated data and business activities of investment advisors that are owned in whole or in part by HSAM. Assets under management (“AUM”) reflects the AUM for the investment advisory and asset management clients of such investment advisors and is inclusive of the regulatory AUM of such investment advisors as would be reported in their respective Form ADVs.
