$230 Million Development Will Bring 321 Apartments to Campus
Sept. 4, 2026 — Camden, NJ — The Michaels Organization today announced the successful financial closing on Presidio Terrace Apartments at the University of San Diego. Located on campus, the $230 million student living development will 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, a leading investment management firm, provided equity financing, and KeyBank provided construction financing.
“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”.
The transformative project, located at 5702 Linda Vista Road, 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 will be available in a range of layouts, from studios to four bedrooms, all with full kitchens. Amenities will 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.
The University selected Michaels through a competitive Request for Proposal process in 2022. 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. The development team assembled by Michaels 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.
The development is expected to be completed in time for student move-ins in August 2029.
