The $100 million investment is only the beginning of a lengthy venture, says Christopher Merrill, co-founder, president and CEO of Chicago-based Harrison, which has the majority stake in the equity.

"Frankly, this is just the start so there's not a set amount and we expect to grow it over time," Merrill tells GlobeSt.com. "We're probably one of the top 10 companies in terms of ownership of student housing now, and it's a good long-term business to be in." Current projects of the partnership include The Retreat at Lake Tamaha and The Retreat at Knoxville.

Located in Tuscaloosa, AL near the University of Alabama, the Retreat at Lake Tamaha opened its first phase of 600 beds to full occupancy this school year and will complete with a second phase of 700 beds by next school year. The project, originally started by Athens, GA-based Landmark and financed by Sun Trust and Wells Fargo, will bring 342 cottages and house more than 1,300 students when completed.

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