The site will provide a home for around 280 students and is scheduled to be open in time for the 2017/18 academic year.
The centrally located site is adjacent to an existing Unite property serving Coventry University which teaches more than 24,000 students.
Richard Simpson, Managing Director of Property for Unite Students, said: “We are delighted to have secured another excellent site in a strong regional location in line with our development strategy.
“Our properties in Coventry have performed well over the last ten years and this new property will help meet the growing demand for student accommodation in the city.”