Harrison Street Acquires Partnership for Military Family Housing at Six U.S. Air Force Bases
Includes 4,000+ Homes in Top-Performing Communities Across High-Demand Geographies
Launches Mayroad, a New Asset Management Company Focused on Military Family Housing
Furthers Harrison Street’s Deep Expertise in Public-Private Partnerships and Expansion of Government Assets
December 21, 2021 08:00 AM Eastern Standard Time
CHICAGO--(BUSINESS WIRE)--In pursuing its social infrastructure strategy, Harrison Street, one of the leading investment management firms exclusively focused on alternative real assets, today announced it has acquired a long-term public-private partnership (P3) with the U.S. Air Force under which Harrison Street will operate and maintain 4,095 homes located on six Air Force installations, including: Edwards Air Force Base (California), Eglin Air Force Base and Hurlburt Field (Florida), Eielson Air Force Base (Alaska), McConnell Air Force Base (Kansas), and Seymour Johnson Air Force Base (North Carolina).
As part of the transaction, Harrison Street announced the launch of a newly formed asset management company, Mayroad. The company is led by a seasoned management team that brings more than two decades of experience with the Military Housing Privatization Initiative (MHPI) and includes Heath Burleson, President & CEO, Sharon Shores, SVP of Asset Management & Property Operations, Jimmy Scott, SVP of Construction, and Josh Crawford, SVP of Development.
“These U.S. Air Force Bases are critical to U.S. military operations and ensuring the safety of our nation. Harrison Street is proud to partner with the U.S. Government and Department of Defense to provide them with access to strategic capital and resources for the Air Force as well as other military and government businesses,” said Christopher Merrill, Harrison Street’s Co-founder, Chairman and Chief Executive Officer. “To that end, we are thrilled to launch Mayroad, a new asset management company that will provide attractive and sustainable housing to active-duty service members across these six bases. Looking ahead, we believe Mayroad will play an important role in our Social Infrastructure Strategy as we seek to expand our government facing P3 portfolio and provide support to critical government and social infrastructure projects.”
“Mayroad aligns with Harrison Street’s commitment to building a lasting relationship with the U.S. Government and Department of Defense. We are excited to provide service members and their families with high-quality housing options while delivering the exceptional customer service they deserve,” said Heath Burleson, President and Chief Executive Officer of Mayroad.
The Air Force communities in the portfolio are recipients of multiple awards, including the 2020 SatisFacts National Resident Satisfaction Award, and 16 “Best in the Industry” awards this year for customer service excellence.
Harrison Street has meaningful experience investing in public private partnerships with the U.S. government, and currently owns the district energy system at U.S. Army Garrison, Fort Detrick, a United States Army Medical Command installation in Maryland that supplies steam, chilled water, electricity conditioning services and emergency backup power to U.S. Government facilities.
Harrison Street has invested $3.6 billion in P3 partnerships serving education, healthcare, and government users. In addition to providing military family housing, the firm provides housing for students at 145 universities consisting of approximately 113,000 beds as well as housing and caring for 12,600 senior housing residents.
For more information about Mayroad, please visit www.themayroad.com.
About Harrison Street
Harrison Street is one of the leading investment management firms exclusively focused on alternative real assets. Since inception in 2005, the firm has created a series of differentiated investment solutions focused on demographic-driven, needs-based assets. The firm has invested across senior housing, student housing, healthcare delivery, life sciences and storage real estate as well as social and utility infrastructure. Headquartered in Chicago with offices in San Francisco, London and Toronto, the firm has more than 200-employees and approximately $39 billion in assets under management. Clients of the firm include a global institutional investor base domiciled in North America, Europe, Middle East, Asia and Latin America. Harrison Street has been awarded Best Places to Work by Pensions & Investments for the last seven consecutive years and was named 2020 Global Alternatives Investor of the Year by PERE. For more information, please visit www.harrisonst.com.
Mayroad is an asset management company launched by leading investment management firm Harrison Street. In December 2021 Mayroad became owner and operator of the Air Force Continental Group as part of the U.S. Department of Defense Military Housing Privatization Initiative (MHPI). Headquartered in Raleigh, N.C., the Air Force partner’s portfolio includes more than 4,000 homes across six Air Force installations, and it is comprised of leaders with more than 20 years of Public Private Partnership experience. Mayroad strives to create and foster long-term sustainable partnerships while ensuring the highest level of customer service and social responsibility. For more information, please visit www.themayroad.com.
Media: Nathaniel Garnick/Grace Cartwright Gasthalter & Co. (212) 257-4170
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