The nine-storey high block, in Agard Street, stands at 26 metres tall and comprises of 244 bedrooms and communal areas.
The building, for developers Jensco (Derby) on behalf of the University of Derby, also houses a series of communal areas including kitchens and dining spaces.
There is provision for cycle parking outside, landscaping and pedestrian access points from Agard Street.
The accommodation is based next door to the University of Derby's Law School, which is situated in the One Friar Square building, also built by Clegg Construction.
As part of a Section 106 agreement, Clegg Construction fulfilled various planning obligations to support the local area.