Preferred Apartment Communities has entered into an agreement to sell its student housing portfolio to TPG Real Estate Partners for $478.7 million. The transaction is expected to close in the fourth quarter.

Marketed by CBRE, the portfolio includes eight, high-quality student housing communities in Arizona, Florida, Georgia, North Carolina, and Texas. The communities include more than 6,000 beds with a range of amenities.

The move backs up a shift in Preferred Apartment Communities' goals, said CEO Joel Murphy in prepared remarks. "This is consistent with our previously stated objectives to exit the student housing space, simplify our focus to our core Sunbelt multifamily business, and improve our balance sheet."

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Rayna Katz

Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.