Samuel Merritt University, California’s second-biggest educator of nurses, is seeking to raise $100 million for a new campus in downtown Oakland as it boosts enrollment.
The school, based at 3100 Telegraph Avenue since its founding 1909, is eyeing a vacant lot at 520 11th Street, San Francisco Business Times reported. Strada Investment Group submitted a pre-application to build about 250,000 square feet of academic space on the site, which is owned by the city of Oakland.
Samuel Merritt aims to use the new campus as it lifts enrollment to 10,000 from 2,800 by 2050. The school, which now leases its home from Sutter Health, aims to raise $100 million for the project through a mixture of equity, debt and fundraising. It has satellite campuses in San Mateo, Sacramento and Fresno.
The student housing market is making a comeback after many students moved home to weather the pandemic. Blackstone Real Estate Income Trust last month announced a $784 million joint venture with student housing developer Landmark Properties to acquire and recapitalize an eight-property, 5,400-bed student housing portfolio.
[SFBT] — Victoria Pruitt