State picks Corvias for $517M student housing deal

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Byron E. Small

A student housing complex at Georgia State University.

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David Allison

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Georgia's Board of Regents has selected a developer for the initial phase of the University System's on-campus student housing privatization project.

Tthe University System of Georgia has selected Corvias Campus Living for a $517 million agreement to develop 3,683 new beds and manage 6,195 existing beds of on-campus housing for nine institutions with the University System for the next 65 years. The new beds are scheduled to be ready for students in fall 2016.

Corvias won out over two other companies, Balfour Beatty Campus Solutions LLC and Education Realty Trust Inc. The University System had named the three companies as finalists in June.

The state said the project is expected to help maintain the affordability of housing for students and improve the fiscal health of the University System by reducing student-housing debt by nearly $300 million.

"Quality, safe, affordable housing for students is our priority," said Chancellor Hank Huckaby in a statement. "We expect our initiative will generate innovation, operating efficiencies and best practices in student housing to improve the quality of the on-campus housing experience for our students."

The participating campuses are: Abraham Baldwin Agricultural College, Armstrong State University, College of Coastal Georgia, Columbus State University, Dalton State College, East Georgia State College, Georgia Regents University, Georgia State University and the University of North Georgia.