Radnor Property Group, in partnership with Madrone Community Development Foundation, has reached financial close on a $147 million student housing development in the West End neighborhood of Atlanta. Financing closed on July 1, 2026, through the sale of $146,763,475 in tax-exempt and taxable bonds issued by the Development Authority of Fulton County.
The development, located at 850 West End Ave near the campuses of Morehouse and Spelman Colleges, will deliver 793 beds across 305 apartment-style units, including four-, two-, and one-bedroom configurations along with studio units. Planned amenities include a 24/7 staffed lobby, outdoor recreation space, a fitness room, community lounges, bike storage, a dog run, and study rooms, along with lounges on every floor and a central green space. The project marks the first time the two historically Black, single-gender institutions will share a jointly designed residential community, with rents expected to average 3 percent below the off-campus market.
The Development Authority of Fulton County will loan bond proceeds to Madrone-MS Student Housing LLC, a subsidiary of Madrone Community Development Foundation, while West End Avenue P3, LLC, a joint venture between Morehouse and Spelman, has entered into a 50-year lease agreement with Madrone. Construction is scheduled to begin in July 2026, with occupancy expected by fall 2028. The development team includes Radnor Property Group as lead development partner, Clark Construction and CD Moody Construction as construction manager in a joint venture, Moody Nolan as architect, and Pape-Dawson as civil engineer. Raymond James and Loop Capital Markets served as underwriters for the bond financing, with Brailsford & Dunlavey serving as the colleges’ project advisor, Kutak Rock as bond counsel, and Hilltop Securities as financial advisor.
KEY QUOTES:
“This project is an investment to enhance our students’ residential experience, which directly contributes to their academic success and persistence to graduation. Our steadily growing student enrollment fuels our collective need for affordable, near-campus housing.”
Undria Stalling, Chief Financial Officer and Senior Vice President of Business & Finance, Morehouse College
“We are proud to work alongside Morehouse College and to collaborate with this award-winning student housing team to bring to life a vision of a modernized, future-ready community. This partnership demonstrates our commitment to investing in campus facilities, student support, and residential life to accommodate growing enrollment.”
Dawn Alston, Chief Financial Officer and Senior Vice President of Business and Financial Affairs, Spelman College
“It is a privilege for Radnor to support Morehouse and Spelman Colleges in this historic, first-of-its-kind joint housing partnership. This partnership sets a new benchmark for how premier institutions can combine resources to deliver exceptional, affordable residential environments.”
David Yeager, CEO and Managing Partner, Radnor Property Group
“We’re honored to partner with Morehouse and Spelman on an investment that advances the long-term success of two extraordinary HBCUs. Through this housing partnership, we’re proud to help deliver a community that enables more students to live next to campus, focus on their education, and fully engage in campus life.”
Nick Waugh, President, Madrone
