Under the deal, the developer McAleer and Rushe will build flats for Queen's students on two Belfast city centre sites.
Planning permission is already being sought for the schemes on College Avenue and McClintock Street.
The firm estimates the total value of the deal as over Â£70m.
McAleer and Rushe director Stephen Surphlis said it was "the most significant development deal in NI for many years".
Dependent on planning permission, the two buildings have a summer 2018 completion target.
Queen's University Vice Chancellor, Prof Patrick Johnston, described the deal as a "substantial investment" by the university.
He said the "much needed accommodation" will help Queen's attract "the brightest local, national and international students to Belfast".
High quality accommodation is seen as key to attracting overseas students.
Currently Queen's can only provide a limited number of accommodation spaces, mainly at Queen's Elms.
It recently withdrew a student housing plan at Sans Souci Park in south Belfast following opposition from some local residents.
The expansion of Ulster University Belfast campus has provoked a flurry of planning applications for student flats.
Two major developments opposite the campus building recently received planning permission.
Unlike Queen's the Ulster University is not planning to provide its own accommodation instead leaving it to private operators.
Queen's University has signed an agreement with a property firm to develop 1,200 student accommodation places.