Harrison Street and T3N form sport student housing joint venture

Harrison Street and T3N form sport student housing joint venture

Harrison Street and T3N Sport & Investment have formed a joint venture to invest and develop sport-oriented student housing projects in Spain, the United States, Japan and Mexico.

The joint venture has recently closed its first project, the acquisition of ESC LaLiga (LaLiga) & NBA Madrid Village (NBA), a purpose-built student accommodation (PBSA) asset comprising 450 beds across seven buildings in Madrid.

The project, the official center for LaLiga and NBA in Spain under T3N agreements, has been operational since July 2022 and will complete the construction of an NBA facility before August 2023.

T3N will continue to manage and operate the asset on behalf of the joint venture.

Located in Villaviciosa de Odon, the Project is within walking distance to the European University of Madrid and in close proximity to Madrid city center.

The PBSA is complemented by an American school and top training facilities such as two FIFA football fields, NBA basket training facility and a high-tech indoor gym.

ESC LaLiga & NBA Madrid Village is one of the first projects in Europe pioneering in sport-oriented student housing.

“We’re thrilled to expand our presence in Spain and leverage our proven global experience through this new joint venture with T3N, a renowned investment company that is transforming the Student Housing and sports industry” said Paul Bashir, Chief Executive Officer of Harrison Street’s European business.

“This project meets that demand with first-class accommodations and facilities, and we’re proud to support the expansion of the project alongside T3N to bring even more student housing options to Spain.”

The JV is already in conversations to develop further complexes in other locations across Spain, including Madrid, Valencia, Malaga, Mallorca and Cantabria, and is currently analyzing several opportunities in the United States, Mexico and Japan.

“We consider this JV with Harrison Street as a strategic alliance with one of the top alternative real estate investors worldwide that will allow us to replicate the successful model from ESC LaLiga & NBA across Spain and around the globe” said David Pampliega, Co-CEO of T3N.

Harrison Street’s experience in Spain includes investments across 17 assets with c. 4k student accommodation beds and approximately c. 1.5k residential units throughout 8 cities.

Click here to receive CRE Herald’s weekly newsletter, news alerts and insights!