Starwood, Trinitas Nab $100M From Affinius Capital to Build Pittsburgh Student Housing

Starwood Capital Group and Trinitas Ventures have secured $100.3 million in construction financing to build Atmosphere Pittsburgh, a 672-bed student housing property near the University of Pittsburgh, Commercial Observer can first report. 

Affinius Capital provided the construction debt. No broker was listed on the transaction. 

Tyler Figley, senior vice president at Affinius Capital, noted in a statement that the asset boasts “a unique location within one of the country’s most established university districts,” as it sits between the University of Pittsburgh and Carnegie Mellon University, at 217 Halket Street in Pittsburgh’s Oakland neighborhood.

“The planned development creates a compelling opportunity to deliver new student housing in the Oakland market,” Figley added. 

Construction began last month on what is expected to be a 12-story, mixed-use property holding 326 units, including 34 affordable units, and 114 on-site parking spaces. Amenities are to include several resident longues, private study rooms, a game room, a rooftop fitness center, and a rooftop private courtyard and hot tub. 

The Cardinal Group, which manages roughly 108,000 student housing beds nationally, will oversee day-to-day operations of the property.

Construction began in July and is expected to finish in the summer of 2028, just in time for the 2028-2029 academic year.

Brian Pascus can be reached at bpascus@commercialobserver.com.