Starwood Capital Group Announces Joint Venture with Trinitas Ventures

Partnership to accelerate the development of three high-quality, purpose-built student housing on several of the most prominent university campuses across the United States

MIAMI and CARMEL, Ind., Sept. 9, 2026 /PRNewswire/ -- Starwood Capital Group ("Starwood"), a leading global private investment firm, and Trinitas Ventures ("Trinitas"), a fully integrated real estate firm specializing in the investment, development, construction, and management of high-quality residential communities, have formed a joint venture ("the Partnership") to develop purpose-built student housing at three leading universities across the United States. The partnership combines Starwood's institutional capital and investment expertise with Trinitas' proven ability to identify, capitalize, develop, construct, and manage institutional-quality student housing communities. Together, the firms are well positioned to deliver modern, well-located communities in university markets where student housing supply has not kept pace with enrollment growth.

The Partnership has closed on three sites – Atmosphere Pittsburgh, Atmosphere Norman, and Atmosphere on Mifflin – representing a combined 2,046 beds serving the University of Pittsburgh, University of Oklahoma, and University of Wisconsin-Madison. Each community is located adjacent to leading university campuses in markets supported by strong enrollment trends and constrained purpose-built student housing supply. All three communities are targeted for delivery in Summer 2028.

Atmosphere Pittsburgh, located at 217 Halket Street in Pittsburgh's Oakland neighborhood, will deliver 672 beds across 326 units and more than 30,000 square feet of clubhouse and amenity space. Assembled across 12 parcels, the site sits adjacent to the University of Pittsburgh's core campus and within walking distance of Carnegie Mellon University and three UPMC hospitals. The University of Pittsburgh continues to grow enrollment — its 2025 freshman class expanded by 1,274 students — while the market's purpose-built beds-to-enrollment ratio remains just 8 percent.

Atmosphere Norman, located at 310 E. Boyd Street in Norman, Oklahoma, will deliver 677 beds and more than 13,700 square feet of state-of-the-art amenity space. It is the first new institutional student housing community developed pedestrian to the University of Oklahoma campus in more than a decade. OU's Norman campus enrolled a record 32,662 students in fall 2025 — its fifth consecutive year of record enrollment — even as on-campus housing waitlists have grown sharply.

Atmosphere on Mifflin, located at 619 W. Mifflin Street in Madison, Wisconsin, will deliver 697 beds across 264 units and more than 15,000 square feet of clubhouse and amenity space adjacent to the University of Wisconsin–Madison campus. The development will incorporate the historic 32-bed Wiedenbeck Apartments alongside new purpose-built residences, expanding the range of housing choices available within the community. UW–Madison's total enrollment has grown 2.6 percent annually since 2020, while the market's off-campus purpose-built beds-to-enrollment ratio remains just 18 percent, reinforcing continued demand for student housing near campus.

"Student housing at leading universities offers durable, needs-based demand and attractive risk-adjusted returns, particularly in markets where new supply has failed to keep pace with enrollment growth," said Qahir Madhany, Managing Director & Head of Acquisitions, Americas, at Starwood. "This partnership allows us to deploy capital at scale behind high-quality communities in compelling markets. We look forward to delivering these projects with Trinitas."

"This partnership pairs our fully integrated development platform with a world-class capital partner, creating an opportunity to bring high-quality communities to three of the country's strongest university markets," said Loren King, CEO and co-Founder of Trinitas Ventures. "Pittsburgh, Norman and Madison demonstrate the kind of opportunities our platform is designed to pursue. By combining disciplined market selection, deep local insight, and integrated execution across every stage of development, we're well positioned to deliver communities that elevate the student experience and reflect our core purpose of enhancing lives by creating exceptional real estate."

Newmark's student housing team, led by Executive Vice Chairman, Ryan Lang, arranged the joint venture between Trinitas and Starwood.

About Starwood Capital Group

Starwood Capital Group is a private investment firm with a core focus on real assets globally. Since its inception in 1991, Starwood Capital Group has raised over $95 billion of capital and currently has ~$130 billion of assets under management. Through a series of comingled opportunity funds and Starwood Real Estate Income Trust, Inc. (SREIT), a non-listed REIT, the Firm has invested in virtually every category of real estate on a global basis, opportunistically shifting asset classes, geographies and positions in the capital stack as it perceives risk/reward dynamics to be evolving. In July 2026, Starwood held the final closing of Starwood Distressed Opportunity Fund XIII (SOF XIII), its latest opportunistic real estate fund, with capital commitments in excess of $10.2 billion from more than 300 investors across approximately 20 countries.

Starwood Capital also manages Starwood Property Trust (NYSE: STWD), the largest commercial mortgage real estate investment trust in the United States, which has successfully deployed over $117 billion of capital since inception and manages a portfolio of over $31 billion across debt and equity investments. Alongside Starwood Property Trust, Starwood Capital manages over $6 billion in several private debt funds investing across the globe.

Starwood Capital's other affiliates include: Highmark Residential, a property management company; Starwood Digital Ventures, a platform dedicated to the firm's data center investment strategy; Starwood Hotels, a hotel brand management team; Essex Title, a title agent for one or more underwriters in issuing title policies and/or providing support services; and Starwood Oil & Gas, which seeks to capitalize on conventional and unconventional North American assets.

Additional information can be found at www.starwoodcapital.com, www.starwoodnav.reit, www.starwoodpropertytrust.com and www.starwoodhotels.com.

About Trinitas Ventures

Trinitas Ventures is a Carmel, Indiana-based fully integrated real estate firm specializing in the investment, development, construction, management, and acquisition of high-quality residential communities. For every investment, Trinitas combines data-powered foresight, institutional discipline, entrepreneurial agility, collaborative partnerships, and purpose-driven values to deliver communities that enhance lives and create lasting value. The company has developed nearly $3 billion in residential communities nationwide, with a current pipeline of projects valued at over $1 billion. Learn more at www.trinitas.ventures.

About Newmark

Newmark Group, Inc., together with its subsidiaries ("Newmark"), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark's comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform's global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. For the twelve months ended March 31, 2026, Newmark generated revenues of more than $3.4 billion. As of March 31, 2026, Newmark and its business partners together operated from over 185 offices with more than 9,600 professionals across four continents. To learn more, visit nmrk.com or follow @newmark.

Media Contacts:

For Starwood:
Dana Gorman / Mallory Griffin
H/Advisors – U.S.
[email protected] / [email protected]
212.371.5999

For Trinitas:
Allison Schlarb
Trinitas Ventures, SVP, Marketing
[email protected]
P: 765.607.2051

John Harris
a5 Branding & Digital, Principal
[email protected]
P: 708.227.5313

SOURCE Starwood Capital Group