Radnor Property Group and Madrone Complete $147 Million Atlanta Student Housing Development
In a significant development for student housing in Atlanta, Radnor Property Group, in collaboration with Madrone Community Development Foundation, has successfully reached financial closure on a major project worth $147 million. This transformative initiative is set to provide high-quality, affordable housing for students from the Atlanta University Center Consortium (AUCC), particularly benefiting students enrolled at Morehouse and Spelman Colleges.
The financing was successfully closed on July 1, 2026, with the Development Authority of Fulton County (DAFC) issuing approximately $146.8 million in both tax-exempt and taxable bonds. This marks a pivotal moment in elevating living conditions for students who have faced challenges due to rising housing costs and limited availability of on-campus options.
The new community, located at 850 West End Ave, will feature 793 beds distributed across 305 apartment-style units. Designed as a student-centered living space, the facility includes essential amenities such as a 24/7 attended lobby, outdoor recreational areas, fitness center, community lounges, bike storage, dog runs, and study rooms. Furthermore, each floor will boast lounges and central green spaces, promoting social interactions and community building among residents.
This initiative underscores a historic first, as it consolidates the housing efforts of two of the nation’s premier single-gender institutions, crafting a shared residential environment. The project aims to address an uptick in enrollment at both Morehouse and Spelman, which has seen significant student growth since 2020. Increasing the housing capacity on campus aligns with the strategic goal of achieving a 75%-85% residency rate within on-campus and affiliated accommodations.
As students face high rental prices and distance-related issues with off-campus housing, this development offers an affordable alternative with rents approximately 3% lower than the average off-campus rates. This project not only enhances the safety and wellbeing of students but also supports higher retention rates by providing them with an enriching living experience close to their educational environment.
Undria Stalling, CFO of Morehouse College, emphasized that this investment is crucial for enhancing students' residential life, which directly contributes to their academic performance and likelihood of graduating. "Our increasing numbers necessitate solutions to provide modern, affordable living that allows students to thrive on campus," she stated.
Dawn Alston, CFO at Spelman College, reiterated the importance of this partnership and described it as a commitment to the future of student support and housing. This joint endeavor showcases how collaborations can lead to innovative solutions that propel mutual objectives in higher education.
In terms of the development process, construction is scheduled to begin in July 2026 and aims for completion by Fall 2028. Important players in this endeavor include Radnor Property Group as the lead developer, alongside Clark Construction and CD Moody Construction managing construction efforts, while architect designs come from Moody Nolan, and civil engineering support from Pape-Dawson.
David Yeager, CEO of Radnor Property Group, expressed his pride in supporting both colleges in this historical partnership. He indicated this project sets a new standard for how higher education institutions can jointly utilize resources to deliver superior living conditions for students. Nick Waugh, President of Madrone, reflected on the project's mission-driven approach aimed at fostering successful academic experiences through enhanced campus life.
The bond financing was underwritten by Raymond James and Loop Capital Markets, ensuring the financial backing necessary for this substantial project. With significant contributions from various expert advisors and legal counsel, this initiative is poised to create a lasting impact on student housing within the Atlanta educational landscape.
This comprehensive housing project illustrates the potential benefits of public-private partnerships in advancing educational outcomes and fulfilling the growing housing needs of student populations. As this development moves forward, it promises to create a vibrant community that resonates with the needs and aspirations of students at Morehouse and Spelman Colleges.
The financing was successfully closed on July 1, 2026, with the Development Authority of Fulton County (DAFC) issuing approximately $146.8 million in both tax-exempt and taxable bonds. This marks a pivotal moment in elevating living conditions for students who have faced challenges due to rising housing costs and limited availability of on-campus options.
The new community, located at 850 West End Ave, will feature 793 beds distributed across 305 apartment-style units. Designed as a student-centered living space, the facility includes essential amenities such as a 24/7 attended lobby, outdoor recreational areas, fitness center, community lounges, bike storage, dog runs, and study rooms. Furthermore, each floor will boast lounges and central green spaces, promoting social interactions and community building among residents.
This initiative underscores a historic first, as it consolidates the housing efforts of two of the nation’s premier single-gender institutions, crafting a shared residential environment. The project aims to address an uptick in enrollment at both Morehouse and Spelman, which has seen significant student growth since 2020. Increasing the housing capacity on campus aligns with the strategic goal of achieving a 75%-85% residency rate within on-campus and affiliated accommodations.
As students face high rental prices and distance-related issues with off-campus housing, this development offers an affordable alternative with rents approximately 3% lower than the average off-campus rates. This project not only enhances the safety and wellbeing of students but also supports higher retention rates by providing them with an enriching living experience close to their educational environment.
Undria Stalling, CFO of Morehouse College, emphasized that this investment is crucial for enhancing students' residential life, which directly contributes to their academic performance and likelihood of graduating. "Our increasing numbers necessitate solutions to provide modern, affordable living that allows students to thrive on campus," she stated.
Dawn Alston, CFO at Spelman College, reiterated the importance of this partnership and described it as a commitment to the future of student support and housing. This joint endeavor showcases how collaborations can lead to innovative solutions that propel mutual objectives in higher education.
In terms of the development process, construction is scheduled to begin in July 2026 and aims for completion by Fall 2028. Important players in this endeavor include Radnor Property Group as the lead developer, alongside Clark Construction and CD Moody Construction managing construction efforts, while architect designs come from Moody Nolan, and civil engineering support from Pape-Dawson.
David Yeager, CEO of Radnor Property Group, expressed his pride in supporting both colleges in this historical partnership. He indicated this project sets a new standard for how higher education institutions can jointly utilize resources to deliver superior living conditions for students. Nick Waugh, President of Madrone, reflected on the project's mission-driven approach aimed at fostering successful academic experiences through enhanced campus life.
The bond financing was underwritten by Raymond James and Loop Capital Markets, ensuring the financial backing necessary for this substantial project. With significant contributions from various expert advisors and legal counsel, this initiative is poised to create a lasting impact on student housing within the Atlanta educational landscape.
This comprehensive housing project illustrates the potential benefits of public-private partnerships in advancing educational outcomes and fulfilling the growing housing needs of student populations. As this development moves forward, it promises to create a vibrant community that resonates with the needs and aspirations of students at Morehouse and Spelman Colleges.
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