Property investment, development and asset management firm Round Hill Capital has bought a one acre site with planning permission at Farranlea Road in Cork.
Round Hill said it will immediately start building a mixed-use project including 145 purpose-built student accommodation beds and facilities at the site.
Round Hill and its partner NBKC also said they will buy and develop further similar schemes in Cork, Dublin and Galway, which will deliver more than 1,200 beds.
The company noted that Ireland is seeing a period of sustained economic growth which leads to increasing demand for all types of residential accommodation.
But it also said that supply constraints are causing structural imbalances and inflationary pressures.
"These development schemes will help to meet the need for student accommodation and free up private traditional housing, currently occupied by students, increasing the supply of much needed housing for families and young professionals," the company added.
Round Hill has over €1 billion of dedicated capital to deploy into the local build-to-rent and purpose-built student accommodation sectors in Ireland.
John Vaudin, Managing Director Round Hill Capital (Ireland), said that thanks to its growing economy, Ireland continues to attract increasing numbers of students, both locally and internationally.
"We are continuing to build on our residential-led property strategy across Ireland, bringing over €1 billion of dedicated capital to deploy into these sectors coupled with our expertise in investing in and operating student accommodation and residential assets across Europe," Mr Vaudin added.