Venture targets more than $1 billion of purpose-built student housing near leading U.S. universities
CAMDEN, N.J., February 27, 2026 — Temerity Strategic Partners (“TSP”), a Chicago-based real estate private equity firm, and The Michaels Organization (“Michaels”), a national leader in residential real estate, today announced the formation of a programmatic co-GP partnership focused on purpose-built student housing across the United States.
The partnership is designed to invest in student housing assets located near leading Power 4 and Research 1 universities, where enrollment growth, limited new supply, and durable demand dynamics support long-term performance. The partnership will pursue both acquisition and development opportunities in markets aligned with Michaels’ longstanding university relationships and vertically integrated operating platform.
In conjunction with the formation of the partnership, TSP has closed on a seed portfolio of investments totaling nearly $300 million of aggregate capitalization, providing an initial foundation for continued investment activity under the programmatic venture. Over time, the partnership is expected to support more than $1 billion of student housing acquisitions and developments nationwide.
Founded in 1973, The Michaels Organization, based in Camden, NJ, offers a fully integrated platform with full-service capabilities in development, property management, construction and investment, and its portfolio spans market segments including student, market-rate, attainable, affordable, and military housing. Through its student housing platform, Michaels Student Living, the firm has developed and acquired more than $2.6 billion of student housing assets across 30 projects totaling over 22,000 beds.
“We are excited to formalize this partnership with Temerity Strategic Partners, whose long-term, programmatic approach aligns well with how we have built and continue to invest in our student housing platform,” said Mick Flanagan, Chief Investment Officer of The Michaels Organization. “This partnership enhances our ability and broadens the scope of opportunities Michaels is able to pursue at leading universities while remaining disciplined and focused on execution.”
“Our investment with Michaels reflects our conviction in the strength and durability of the student housing sector, particularly in the markets and locations where Michaels has built deep operating expertise and trusted university relationships,” said Bruce Cohen, Co-Founder and Chief Executive Officer of TSP.
“Michaels is a preeminent operator with a vertically integrated platform, a strong institutional reputation, and a proven ability to deliver high-quality housing across market cycles,” added Jeff Citrin, Co-Founder and Executive Chairman of TSP. “They are exactly the type of partner we seek to align with on a long-term, programmatic basis.”
The Michaels partnership further expands Temerity’s portfolio of programmatic co-GP relationships with best-in-class real estate operating platforms across sectors of long-term conviction.
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 more than 550 communities across 39 states, the District of Columbia, and the U.S. Virgin Islands, ranked among the top 11 owners and top 7 developers nationally. Michaels manages more than 75,000 units, and assets of more than $12 billion. Michaels is committed to crafting housing solutions that jumpstart education, civic engagement and neighborhood prosperity, and to creating Communities that Lift Lives. Learn more at www.tmo.com.
About Temerity Strategic Partners
Temerity Strategic Partners, headquartered in Chicago with offices in New York, is a real estate private equity firm focused on providing programmatic co-general partner (co-GP) capital to real estate operating, development, and asset management companies on behalf of its principals and a distinguished group of private and institutional investors. TSP provides growth capital, strategic resources, and access to TSP’s extensive relationships to support rapidly growing, market leading real estate owners and operators executing development, value-add, and core-plus strategies throughout the United States. Founded by industry veterans Bruce Cohen and Jeff Citrin, TSP leverages its experience in building, capitalizing, and investing in preeminent real estate operating platforms to support the pursuit of their long-term objectives. For more information, please visit www.temeritystrategic.com.
