Summary:
- Northeastern University acquired full ownership of the 17-story East Village residence hall in Boston for $169 million, ending an 11-year lease with Phoenix Property Co., the original developer alongside Lincoln Property Co.
- East Village, opened in 2015 with over 700 beds and a 300-person event space, was the first Boston student residence built by private developers, marking a strategic shift by Northeastern towards private partnerships to expand on-campus housing.
- The acquisition aligns with Boston’s “Housing A Changing City: Boston 2030” initiative, under which Northeastern and other local universities have developed new dormitories to increase student housing and reduce pressure on the city’s rental market.
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