The apartments will provide 1,367 modern study bedrooms with ensuite facilities. They are part of a wider redevelopment of the campus by the Salford Village consortium backed by project finance from Standard Life Investments.
The development consortium comprises Equitix, Kier Project Investment, Graham Investment Projects and student accommodation operator Campus Living Villages, which will manage the property from completion in September 2015.
The new accommodation is aiming for a BREEAM rating of excellent.
Campus Living Villages will run the development on behalf of the consortium when it opens to students in.
Along with its partners, the university is investing a total of £136m in the Salford campus over the next two and a half years. Last month BAM Construction started building a new £55m School of Arts & Media.
Last year the University spent £9m refurbishing and extending its Chapman Building, and a £1m upgrade of its library services took place during the summer.
Vice-chancellor Martin Hall said: “Our new student accommodation will, alongside our other major investments, create a studying and living environment which will be second to none. Set next to the historical Peel Park and within walking distance to the centre of the vibrant city of Manchester, students will be catered for like never before.”