Charleston, South Carolina-based Greystar and Merrimack College, a private college in North Andover, Massachusetts, have hit the ground running on a public-private partnership that will add 540 new student beds across two residence halls to the college’s North Andover campus.
The unnamed project, located at the intersection of Route 114 and Andover Street, broke ground on Sept. 20 and is expected to open by fall 2026. It will be the first new on-campus residential option for Merrimack students since 2015, according to a news release shared with Multifamily Dive.
The project’s public-private partnership has allowed Greystar to utilize tax-exempt bonds issued by MassDevelopment, Massachusetts’s finance agency and land bank, to finance 100% of the project costs, according to Gary Kerr, senior managing director of development for Greystar.
“Successful navigation of this unique and essential capital structure was made possible by focused collaboration between many parties,” Kerr said during the groundbreaking.
By expanding its offerings, Merrimack College intends to meet persistent demand for on-campus housing and allow students living in private, off-campus housing to return to the premises, according to the release. The property is designed to integrate with the existing campus and provide views of nearby landmarks.
"This modern, innovative living environment is important for achieving our enrollment and retention goals, and it is key for our students to succeed and thrive,” said Christpher E. Hopey, president of Merrimack College, in the release.
The two four-story buildings, designed by Boston architect Cube 3, will offer a total of 540 beds across a variety of room types for first- and second-year undergraduates. The first residence hall will have traditional-style student housing, with 351 beds, academic space and student gathering areas across 79,600 square feet. The adjacent 61,300-square-foot building will include 189 beds in suite-style units, each with en-suite living rooms and bathrooms. Amenities will include a fitness center, laundry rooms and communal spaces.
By the numbers
Merrimack College had 5,400 graduate and undergraduate students in the 2023-2024 school year, according to the college’s fact sheet. The school has 10 existing on-campus housing options, including suites, apartments and traditional dormitories. Housing expenses for on-campus students range from approximately $6,262-$8,125 per semester for the 2024-2025 school year.
Approximately 73% of students live on campus, including 85% of first-year undergraduates. There are no purpose-built private student housing developments near the campus.
Greystar, the largest multifamily owner, operator and developer in the U.S., has a student housing portfolio of over $17.8 billion in assets under management, with more than 110,000 student beds across the world, according to the company website.
The company has developed over 70 properties on college and university campuses. It has three on-campus projects in progress — the Merrimack College project; the Kirwan Building at the University of Kentucky in Lexington, Kentucky, set to open in 2026; and Hale Haukani at the University of Hawaii at Manoa in Honolulu, opening in 2025.
