Multifamily

The pandemic isn’t entirely behind us yet, but many colleges and universities see the writing on the wall when it comes to funding future on-campus housing projects. Tighter budgets, more privacy, possible future closures, and nearly two years of delayed, deferred or canceled projects have driven a wedge between what establishments need to offer their students to remain competitive and what they have to work with.  Enter public-private partnerships (P3). These arrangements between private investment firms and public universities have been bridging the funding gap for nearly 20 years. In a post-COVID world, however, their presence isn’t just appreciated, it’s vital in many instances. “COVID has shown how important P3 relationships are for institutions facing budget cuts and higher costs,” says Michael Leonczyk, director at Chicago-based Harrison Street. “There is a growing acceptance of P3s as a critical vehicle to allow higher education institutions to stay on the cutting edge when it comes to retaining and attracting students and ensuring they have access to resources that facilitate their academic and social lives. This includes housing, dining, parking, energy, water and athletics.” In 2003, there were three higher education P3 transactions, which totaled $100 million. By 2016, this number had swelled …