The University of Akron's ("UA" or the "University") 2025 Housing Partnership (the "Project") is a renovation and revitalization initiative encompassing UA's on-campus student housing portfolio of 2,323 beds. Financing for the Project closed today (Dec. 17) with the completed sale of $158,495,000 in tax-exempt and taxable bonds issued by the Development Finance Authority of Summit County ("DFA"). This comprehensive Project is among the largest student housing public-private partnerships ("P3") in the United States.
AKRON, Ohio, Dec. 18, 2025 /PRNewswire-PRWeb/ -- The University of Akron's ("UA" or the "University") 2025 Housing Partnership (the "Project") is a renovation and revitalization initiative encompassing UA's on-campus student housing portfolio of 2,323 beds. Financing for the Project closed today (Dec. 17) with the completed sale of $158,495,000 in tax-exempt and taxable bonds issued by the Development Finance Authority of Summit County ("DFA"). This comprehensive Project is among the largest student housing public-private partnerships ("P3") in the United States.
DFA will loan the proceeds of the bonds to PRG – Akron Properties LLC, a subsidiary of Provident Resources Group Inc. ("Provident"). The University and PRG – Akron Properties LLC have entered into a 50-year lease agreement as part of the transaction. Bond proceeds will be used to finance a $91.6 million upfront payment to the University and $50.6 million in residence hall improvements phased from Spring 2026 to Summer 2027.
The Project consists of a series of capital improvements to modernize the University's on-campus residence hall portfolio. This strategic initiative aligns with UA's commitment to provide high-quality, accessible, and affordable housing options for its students.
The University selected Radnor Property Group ("Radnor") as developer of the Project. Radnor, a national leader in student housing partnerships, will be responsible for managing design, development, renovation, and construction. Radnor's development team partners include Indovina Associates Architects, Studio Lokken, and Rycon Construction.
Radnor Campus Management ("RCM"), a joint venture between Radnor and COCM, will serve as property manager. RCM will oversee the day-to-day operations, management, maintenance, and repair of the student housing facilities through a unique shared governance structure with the University's Residence Life Department.
"This partnership enables the University to invest in the long-term quality and sustainability of its campus housing while ensuring disciplined stewardship of University resources", said Misty Villers, Chief Financial Officer of The University of Akron.
The long-term structure of the partnership will establish critical reserve funds to allow for continued reinvestment into the housing portfolio for ongoing maintenance, replacement, and repairs. In addition to the upfront payment, the Project's surplus cash flows after debt service will inure to the University during the partnership term. UA is exploring balance sheet enhancement opportunities with its proceeds from the transaction.
Importantly, the partnership balances these financial benefits with student affordability, allowing UA to continue offering some of the most cost-effective housing rents among its higher education peers.
"It is a privilege for Radnor to work alongside the University of Akron, its leadership, and its students on this transformative housing partnership", said David Yeager, CEO and Managing Partner at Radnor Property Group. "In addition to the economic benefits for the University and Akron community, we believe this housing modernization initiative will serve as a strong recruitment tool for prospective students. We know the importance of delivering this project for UA stakeholders, and we are delighted to achieve this financing milestone as we embark on implementing a successful long-term partnership."
Chris Hicks, President at Provident, notes, "This project is a fantastic example of why Provident was created. We are assisting the University of Akron in managing risk, unlocking value from existing assets, and improving the campus experience for its students through a long-term partnership and shared mission."
"We are honored to have the opportunity to work with the University of Akron and collaborate with its award-winning housing and residence life team", said Grey Bekurs, Executive Vice President at COCM. "This partnership has the potential to become a national model for building an excellent on-campus living experience. We look forward to helping UA best position its housing assets and programs to recruit and retain students."
RBC Capital Markets served as underwriter for the bond financing. Brailsford & Dunlavey served as the University's project consultant, with PFM Financial Advisors as its financial advisor, and Calfee, Halter & Griswold LLP as its legal counsel.
About the University of Akron
The University of Akron was founded in 1870 by the Ohio Universalist Convention as Buchtel College, a private, liberal arts institution named for its chief benefactor, industrialist John R. Buchtel. The University is one of fourteen state universities in Ohio, and enrollment at all University locations is approximately 15,318. Through five degree-granting colleges and schools, the University offers more than 200 undergraduate programs and program tracks. The University is globally and national ranked in numerous fields and is ranked number one in the world for the application of polymer science and plastics engineering. For more information, visit the University's website.
About Radnor Property Group
Radnor Property Group is a leading national real estate company with a focus in projects structured as public-private partnerships. The company specializes in the development of real estate and infrastructure assets, including student housing, workforce housing, mixed-use commercial, and campus utilities. Since its founding in 1999, Radnor has undertaken development projects cumulatively valued at over $4 billion. Radnor is headquartered in Philadelphia, with regional offices in Charlotte, North Carolina and Portland, Maine. For more information, visit radnorproperty.com.
About COCM (Capstone On-Campus Management)
COCM is an employee-owned company of student housing professionals providing management and consulting services for on-campus housing communities. The company serves as management provider for over 36,000 beds on 35 college & university campuses across the nation. COCM is the largest on-campus third-party student housing manager in the United States and has been ranked #1 in this category by Student Housing Business Magazine for five consecutive years. For more information, visit www.cocm.com.
About Provident Resources Group Inc.
Provident is a national nonprofit organization committed to making a positive impact in communities across the country within five core missions, including furthering education. As one of the most experienced nonprofit owners of higher education facilities in the United States, Provident has served as a borrower and owner on nearly $9 billion across a variety of project types since 1999. In its student housing portfolio, Provident has approximately 40,000 beds under management across 15 states. For more information, visit provident.org.
Media Contact
Amelie Yeager, Radnor Property Group, 1 6106443090, [email protected], www.radnorproperty.com
SOURCE Radnor Property Group
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