Harrison Street Real Estate Capital is a Chicago-based alternative real estate investment firm managing over $100 billion in assets under the Harrison Street Asset Management brand. The firm specializes in demographic-driven sectors like student housing, senior living, data centers, and healthcare facilities across North America and Europe. Founded in 2005, Harrison Street operates as the investment management division of Colliers International.
What Makes Harrison Street Different From Traditional Real Estate Firms
You won’t find Harrison Street chasing apartment buildings or office towers. The firm carved out a distinct position by focusing on what most investors ignored: real estate tied to fundamental human needs.
Christopher Merrill founded the company in 2005 with the Galvin brothers (grandsons of Motorola founder Paul Galvin). The name itself honors the Chicago street where Motorola started. Merrill’s thesis was straightforward: invest in properties driven by non-cyclical demand rather than economic swings.
The strategy proved prescient. During the 2008 financial crisis, student housing maintained 93% occupancy while traditional properties cratered. The firm didn’t make outsized returns, but it preserved capital when peers were hemorrhaging losses.
Core Investment Sectors and Strategy
Harrison Street concentrates capital in seven primary sectors:
Student housing remains the flagship investment area, with 220,000 beds across North America and Europe. The firm partners with universities to develop and reposition properties near selective four-year institutions.
Senior housing represents the second major allocation, totaling 42,000 units. The focus leans toward memory care and assisted living facilities that serve the aging-in-place population. National senior housing absorption has been positive for 16 consecutive quarters from Q2 2021 through Q1 2025.
Data centers emerged as a growth sector. The firm has deployed capital into 2.0 million kilowatts of capacity, capitalizing on AI-driven demand. Fund IX’s first disposition was a data center site that attracted multiple unsolicited offers after securing power capacity and installing an on-site substation.
Healthcare delivery assets include 24.5 million square feet of medical office buildings and life sciences facilities. These properties serve as essential infrastructure for patient care and research.
Self-storage rounds out the portfolio with 200,000 units. Build-to-rent housing and single-family rentals add another 12,000 square feet to the mix.
Fund Performance and Capital Deployment
Fund IX closed in October 2024 with $2.5 billion in equity commitments, translating to $7 billion in buying power. Existing investors contributed 60% of total commitments. The fund attracted capital from pension plans, sovereign wealth funds, insurance companies, and endowments.
The firm has deployed 70% of Fund IX capital across 70 assets spanning the seven target sectors. Student housing, senior housing, and data centers received the largest allocations. The remaining capital will target underperforming assets and properties with strained capital structures.
Fund IX’s first development project delivered results that validate the strategy. VERVE Madison, a 536-bed student housing community at the University of Wisconsin, reached 100% pre-lease before completion for the 2024-2025 academic year.
Since its inception in 2006, Harrison Street has raised $30 billion in equity and invested $68 billion across 1,657 assets. The firm has completed 675 full asset sales, demonstrating liquidity in niche markets.
The US Core strategy manages $12.4 billion across 353 properties. This vehicle targets stabilized, cash-flowing assets in the same demographic-driven sectors. The portfolio has delivered consistent distribution yields since launch.
European operations have deployed over €5.2 billion across 85 assets through four closed-end funds. The European Core strategy launched in 2025 to capitalize on stabilized assets in fragmented markets.
The Colliers Partnership and Recent Reorganization
Colliers International acquired a 75% stake in Harrison Street for $450 million in July 2018, with an additional $100 million milestone payment in 2022. The deal transformed Colliers into a major investment management player.
Christopher Merrill retained his position as CEO and became the largest individual shareholder. The Galvin brothers sold their entire stake, opening ownership to senior management and employees.
In July 2025, Colliers rebranded its entire investment management division as Harrison Street Asset Management. The reorganization unified Harrison Street Private Wealth (formerly Versus Capital), Rockwood Capital, and the European businesses Basalt Infrastructure Partners and RoundShield Capital under one platform.
The integrated entity now manages over $100 billion in assets under management. Merrill assumed the role of Global CEO and became the largest individual shareholder in the new structure.
The platform employs 520 people across 19 global offices in North America, Europe, Asia, and the Middle East. The firm serves 900 institutional investors and over 300 registered investment advisors.
Infrastructure and Credit Expansion
Harrison Street’s infrastructure strategy launched in 2018 to target lower-to-mid-market assets in North America. The $5.2 billion portfolio includes long-term contracted assets in fragmented sectors like utility infrastructure, digital connectivity, and essential services.
Basalt Infrastructure Partners operates autonomously within the platform, managing over $6.5 billion across transport, power, utilities, and digital infrastructure in North America and Europe through four closed-end funds.
The firm recently announced plans for a US Residential Credit Strategy to provide lending across student housing, senior housing, multifamily, build-to-rent, and single-family rental sectors. This marks a strategic expansion beyond equity investing.
RoundShield Capital, acquired in 2025, adds European credit capabilities and operates vertically integrated student housing platforms across the region.
Market Position and Investor Rotation
Harrison Street ranks among the top five owners of senior housing in the United States. The firm received PERE’s Alternatives Investor of the Year Global award in 2024 and has collected 16 PERE awards since 2019.
Rob Cook, Senior Managing Director and Fund IX Portfolio Manager, noted: “We are witnessing a persistent and noticeable investor rotation from traditional real estate into alternative sectors.” This trend accelerated as institutional investors reduced exposure to office, retail, and traditional apartments.
The denomination effect is easing in 2026, positioning Harrison Street for increased capital flows. Joey Lansing, Global Head of Portfolio Management & Strategy, explained that investors now view alternatives as core portfolio components rather than peripheral allocations.
Operating fundamentals across target sectors reached decade-high levels heading into 2025. Supply constraints across student housing, senior living, and data centers created favorable entry points despite higher interest rates.
Development and Operating Partner Network
Harrison Street built exclusive relationships with 35 local operating partners across target sectors. These partners provide vertically integrated property management, leasing, and development capabilities.
The firm doesn’t manage properties directly. Instead, it structures joint ventures with best-in-class operators who have local market expertise and operational scale.
Development projects address supply-demand imbalances in growing markets. Initial Fund IX investments prioritized development with long-standing partners, delivering assets that met immediate demand.
The strategy creates barriers to entry for competitors. New entrants lack the established operator networks and university relationships that Harrison Street cultivated over two decades.
Risk Management and Track Record
Harrison Street avoided the disruptions that hammered office and retail investors during COVID-19. Medical facilities remained essential, student housing adapted quickly, and senior living demand persisted through the pandemic.
The firm maintained disciplined leverage policies throughout its history. This conservative approach preserved capital during the 2008 crisis and positioned the platform for opportunistic acquisitions in dislocated markets.
Fund IX targets assets with strained capital structures that offer distressed pricing. The strategy assumes market dislocation creates opportunities in fundamentally sound sectors.
Supply remains historically low across target sectors while demographic demand grows. Student enrollment at selective universities continues to rise. The aging population needs 42,000 new senior housing units annually. Data center power requirements multiply with AI adoption.
Final Thoughts
Harrison Street Real Estate Capital built a specialized platform around demographic-driven real estate that traditional investors overlooked. The firm’s $100 billion asset base under the Harrison Street Asset Management brand reflects two decades of focused execution.
The Colliers partnership provides capital and global reach while preserving the entrepreneurial culture that defined the original firm. The 2025 reorganization positions the platform for cross-disciplinary innovation across infrastructure, real estate, and credit.
You should evaluate Harrison Street’s approach if your portfolio needs exposure to alternative real estate sectors with demographic tailwinds. The firm’s track record shows capital preservation during crises and opportunistic deployment during dislocations.
FAQs
What sectors does Harrison Street invest in?
The firm targets seven primary sectors: student housing, senior housing, data centers, healthcare delivery, life sciences, self-storage, and build-to-rent housing. All sectors share demographic-driven demand characteristics.
Who owns Harrison Street Real Estate Capital?
Colliers International owns 75% after acquiring its stake in 2018. Christopher Merrill is the largest individual shareholder and serves as Global CEO of Harrison Street Asset Management.
How much capital has Harrison Street raised?
The firm has raised $30 billion in equity since 2006, ultimately investing $68 billion across 1,657 assets. The current platform manages over $100 billion in assets under management.
What is Fund IX investing in?
Fund IX raised $2.5 billion in equity with $7 billion in buying power. The fund has deployed 70% of its capital across 70 assets, concentrating on student housing, senior housing, and data centers.
How does Harrison Street differ from REIT investors?
Harrison Street operates through private equity funds and separate accounts rather than public REITs. The firm focuses exclusively on alternative sectors instead of traditional commercial real estate.
