BOSTON— Northeastern University has acquired its East Village residence hall in Boston’s Fenway neighborhood for $169 million, according to reporting by the Boston Business Journal.
The purchase gives Northeastern ownership of the 17-story student housing tower at 291 St. Botolph St., a residence hall that has housed more than 700 students since opening in 2015. The property was sold by Dallas-based Phoenix Property Co., which developed the building through a joint venture with Lincoln Property Co., the Boston Business Journal reported.
East Village was among the first privately developed student housing projects built for Northeastern under a public-private partnership model. The university closed on the acquisition last week, according to the report.
The Boston Business Journal reported that the project cost approximately $75 million to construct when it was developed, while the land was acquired from the YMCA of Greater Boston in 2012.
The acquisition comes as Northeastern continues to rely on private development partners to expand student housing. Following East Village, the university worked with American Campus Communities to develop LightView, an 825-bed residence hall that opened in 2019. The two organizations are also partnering on a new 23-story residence hall adjacent to the Ruggles MBTA station that is expected to accommodate nearly 1,400 students when it opens in 2028, according to the Boston Business Journal.
The report noted that the use of public-private partnerships for campus housing has become increasingly common among higher education institutions in Massachusetts. Tufts University is developing a 660-bed residence hall in partnership with Capstone Development Partners near the Medford/Tufts MBTA Green Line station, while UMass Amherst opened the privately developed Fieldstone residence halls in 2023 through a partnership with Balfour Beatty Campus Solutions.
The acquisition reflects a broader trend of universities balancing private development with long-term ownership of campus housing assets as they seek to expand residential capacity while managing capital investment.
