The development, known as Charter House, will see an industrial site on Charterhouse Road transformed to deliver a student accommodation scheme across four and six storey buildings.
This will be accompanied with amenities like study areas, lounges, and a gym.
Charter House has been designed to achieve an ‘Excellent’ rating by BREEAM.
Bilal Ahmed, founder at Sama Investments, said: “We’re delighted to be granted planning approval for Charter House. As a brownfield site close to Coventry University, this is a fantastic opportunity to deliver a high-quality student accommodation scheme which will add real value to the city.
“We look forward to engaging with interested groups who can take this exciting opportunity forward at the site.”