It will serve a student population of 58,000 for both the University of Leeds and Leeds Beckett University.
The site will be located on Merrion Way in Leeds city centre.
The development is expected to open for the 2020 academic year and will be funded from internally generated sources.
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Unite currently has a 99% occupancy in Leeds, with over 1,800 beds currently subject to nomination agreements with Leeds universities.
Nick Hayes, group property director at Unite Students, said: “Leeds is a strong performing market, with a diverse and growing student population.
“With two high-quality universities, we expect demand for quality, affordable student accommodation to grow and this development will help to fulfil that need.