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Northeastern University acquired Boston’s first privately-built student residence hall from a Dallas-based developer for nearly $169 million.
The 291 St. Botolph St. property was developed by Phoenix Property Co. and opened in 2016, pioneering a new model for partnerships between private developers and local colleges to add student housing.
Phoenix Property Co. invested $75 million in the project and gave Northeastern an option to purchase it in the future, according to a report during its construction.
The 720-bed project was built on a property acquired from the YMCA of Greater Boston, and includes semi-private rooms on floors 2 through 12 and apartment-style units for upperclassmen on floors 13 through 16, according to Northeastern’s student housing web site.
Local colleges – including Northeastern – continue to partner with private developers on dorm projects, including apartment-style dorms that are leased directly to students.
Tufts University and Merrimack College are partnering with private developers on projects creating more than 1,200 new student beds in Medford and North Andover.
Northeastern broke ground in February on a 1,250-bed residential tower at 840 Columbus Ave., in a partnership with American Campus Communities. ACC, a Blackstone affiliate, also is partnering with University of Massachusetts-Amherst on extensive updates to its student housing accommodations.
