IOWA CITY, IA—Balfour Beatty Campus Solutions LLC has agreed to design, build, finance, own and operate a $31 million new graduate student housing property at the University of Iowa here, replacing the current 1960’s-era Hawkeye Court complex.

Located on west campus, the development will include 270 one and two bedroom units targeted at Iowa’s more than 9,500 graduate students, as well as faculty. The new facilities will consist of five, three-story buildings totaling 265,600 sq. ft. Additionally, a separate one-story community center totaling 5,400 sq. ft will be built to house the property management offices and common spaces for resident use, including a fitness center, laundry facility, multipurpose space and access to the campus shuttle service. The project is expected to break ground in late June and open in August 2014.

Structured as a public-private partnership, Balfour will manage the financing and ongoing operations of the project through a 40-year ground lease. “The Iowa staff and administration have been incredible partners, and we are very excited about this project and the opportunity to deliver a new and revitalized housing option to the graduate student community,” said Bob Shepko, president of Balfour, in a statement. “The finished product will be one that delivers first-rate design and considerable value for the students’ rental dollars.”