Blackstone and Landmark Properties Acquire Student Housing Portfolio
The portfolio totals 2,248 beds and grows the partnership’s student housing portfolio to total more than 9,700 beds.
NEW YORK, NY – Joint-venture partners, Blackstone Real Estate Income Trust Inc. and fully-integrated real estate firm Landmark Properties have acquired a 2,248-bed student housing portfolio.
The acquisition brings the partnership’s student housing portfolio to total more than 9,700 beds.
The portfolio comprises four properties located in first tier markets.
With the purchase, Landmark Properties’ student housing portfolio now exceeds 54,000 beds.
“Landmark is excited to expand its relationship with Blackstone through the acquisition of this portfolio of core assets at universities with strong enrollment growth and high barriers to entry,” says Landmark Properties’ president and CEO, Wes Rogers. “We see significant opportunity to leverage our track record as an experienced operator to add value to this portfolio.”
Landmark Properties co-head of real estate acquisitions Americas, Jacob Werner adds, “This transaction reflects our ongoing confidence in the student housing sector and is consistent with BREIT’s strategy of acquiring high-quality, income generating properties that have attractive long-term growth potential.”
For the transaction, TSB Capital Advisors served as the financial advisor to both Blackstone Real Estate Income Trust and Landmark Properties.