The firm will build 264 apartments for University key workers as part of the North West Cambridge Development.
The units, designed by Stanton Williams Architects, will be located around a market square designed by landscape architects Townshends.
The area is located in the middle of the future local centre and will form a meeting point for the community.
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The contract award marks the final stage of the first phase of the project.
Gavin Heaphy, Construction Director of the North West Cambridge Development said: "Wates have been working with the University on a two-stage tender process and we are thrilled to have signed this contract with the team whose local knowledge and industry expertise will deliver an important part to this urban extension."
Ian Vickers, Regional MD for Wates, added: "We are proud to be contributing to the emerging landscape of the new North West Cambridge Development.
"This scheme will not only enhance the University’s reputation but that of the city as a world leading centre of research excellence."
(LM)
