Insights > Deals
Radnor and Madrone reach close on $147 million Atlanta student housing JV
22 July 2026 | JV | US | 793 beds | Development
The project will provide 305 apartment-style units between the Morehouse and Spelman campuses under a long-term nonprofit ownership and lease structure.
Key details
Asset type | Development |
Location | 850 West End Avenue, Atlanta, Georgia, US |
Capacity | 793 beds |
Party 1 | Radnor Property Group |
Party 2 | Madrone Community Development Foundation |
Value | $147 million |
Adviser | Raymond James / Loop Capital Markets; Brailsford & Dunlavey / Hilltop Securities |
Source: PR Newswire
Financing closed through the sale of $146.8 million in tax-exempt and taxable bonds issued by the Development Authority of Fulton County. The scheme will provide 305 apartment-style units at 850 West End Avenue between the Morehouse and Spelman campuses.
West End Avenue P3 LLC, a joint venture between the two colleges, has entered into a 50-year lease with Madrone-MS Student Housing LLC. Construction is scheduled to start in July 2026, with occupancy targeted for autumn 2028.
Strategic context
Financial close converts the colleges' shared housing plan into a fully funded delivery programme and expands Radnor and Madrone's higher-education partnership track record. The nonprofit ownership and long-term lease structure align project financing with institutional demand while keeping average rents around 3% below the off-campus market.
For Morehouse and Spelman, the residence supports enrolment growth and their target of housing 75%-85% of students in on-campus or affiliated accommodation.
The project also creates a shared residential asset between two leading HBCUs while adding modern supply close to both campuses.
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