The 436-room development, for developer Cassidy Group, will be built on Albany Road in Coventry.
It will be the third student accommodation project built by Galliford Try in the city.
There will be 55 student clusters and 55 self-contained apartments in buildings ranging up to six storeys, providing managed rooms for students at Warwick and Coventry universities.
Jon Marston, managing director of Galliford Try Building East Midlands, said: “We have an excellent track record in delivering high-quality student accommodation around the country but particularly in Coventry. We look forward to working with the Cassidy Group to add to this portfolio and create a fantastic new facility for students and local residents alike.”