The development of the new 345-bed purpose-built accommodation, which will be located at Queen Street in the city, is due for completion in 2026.
It forms part of a wider partnership between Elkstone and Harrison Street to deliver 1,500 student beds across Limerick, Cork, Dublin and Galway by 2028.
The Galway development is the first significant development from the partnership between Elkstone and Harrison Street located in the west of Ireland. Queen Street is a 15-minute walk from the University of Galway campus, as well as a five-minute walk from the city’s main train and bus station.
The planned eight-storey building will include common study areas, a gym, bicycle storage, cinema and a rooftop terrace, as well as a 24/7 reception.
The Galway development is the second purpose-built student accommodation project developed by both companies. It recently opened a 142-bed location in Stoneybatter Place in Dublin.
Monami Construction, which was the contractor on the Stoneybatter location, will also join the Galway project as the main contractor.
Development finance for both Irish projects is provided by Activate Capital.
“The development of Queen Street represents a notable expansion within the student housing sector to meet the growing demand in Ireland’s third largest student market,” Paul Bashir, Harrison Street’s Europe chief executive, said.
Almost 13,000 undergraduate students require housing in the city, with just under 6,000 dedicated student beds available, the companies reported.
“By opening access for local Irish investors to co-invest alongside global industry leaders like Harrison Street, we can provide modern and liveable spaces that both represent and further bolster communities,” Elkstone co-founder and head of real estate Ciaran McIntyre said.
“Queen Street is just one example of the thousands of sustainable and high-quality, purpose-built student accommodation units we are developing right now across the island,” he added.
The Queen Street accommodation is also the latest investment in Ireland from Harrison’s Street’s European opportunistic fund, which is supported by a €75m investment from the Ireland Strategic Investment Fund (ISIF).
“ISIF’s partnership with Harrison Street, announced in 2023, aims to increase the supply of available student accommodation in regional cities to meet the housing needs of students and support the growth of Ireland’s universities,” ISIF director Nick Ashmore said.