Blackstone Real Estate Income Trust announced a $784 million joint venture with student housing developer Landmark Properties to acquire and recapitalize an eight-property, 5,400-bed student housing portfolio.
The eight assets in this transaction are at “leading universities” where enrollments are on the rise, Blackstone Real Estate senior managing director Jacob Werner said in a statement. “Student housing has a history of being resilient while generating strong cash flows,” Werner said. “We look forward to growing our presence in this asset class and working [with Landmark] on future transactions.”
Landmark is the country’s most active student housing developer and contractor. The company has over $7.7 billion assets under management, over 50,600 student housing beds and another $3.5 billion in assets under construction. This week’s deal will increase its portfolio to 79 student housing communities.
Read more/Source: TheRealDeal
